Rivian Automotive (NASDAQ:RIVN) Stock Price Down 3.6% - Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares fell 3.6% during mid-day trading on Friday . The stock traded as low as $13.40 and last traded at $13.42. 6,450,685 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 36,048,735 shares. The stock had previously closed at $13.91.

Analysts Set New Price Targets

Several brokerages have issued reports on RIVN. Wells Fargo & Company lowered their target price on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 7th. Mizuho boosted their target price on Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Benchmark restated a "buy" rating and issued a $18.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 18th. Jefferies Financial Group reiterated a "hold" rating and set a $16.00 price objective on shares of Rivian Automotive in a research note on Wednesday, May 14th. Finally, Cowen began coverage on Rivian Automotive in a research note on Thursday, March 6th. They set a "hold" rating on the stock. Three analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $14.33.

Rivian Automotive Price Performance

The business has a fifty day moving average price of $13.67 and a 200-day moving average price of $13.10. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $15.17 billion, a PE ratio of -2.84 and a beta of 1.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.80) by $0.23. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The firm had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $981.52 million. During the same period in the prior year, the business earned ($1.48) EPS. The company's revenue for the quarter was up 3.0% compared to the same quarter last year. Research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 9,937 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $15.00, for a total transaction of $149,055.00. Following the completion of the sale, the chief financial officer now owns 851,637 shares of the company's stock, valued at approximately $12,774,555. This represents a 1.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now directly owns 853,011 shares of the company's stock, valued at approximately $9,596,373.75. This trade represents a 7.73% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 384,265 shares of company stock worth $5,201,750. 2.16% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Rivian Automotive by 7.8% during the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker's stock valued at $959,804,000 after purchasing an additional 5,610,688 shares during the period. Geode Capital Management LLC increased its position in Rivian Automotive by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock valued at $175,639,000 after purchasing an additional 227,168 shares during the period. Capital International Investors bought a new position in Rivian Automotive in the 4th quarter worth $144,030,000. Norges Bank purchased a new stake in shares of Rivian Automotive in the 4th quarter worth about $123,308,000. Finally, Soma Equity Partners LP boosted its stake in shares of Rivian Automotive by 19.9% during the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock valued at $112,865,000 after purchasing an additional 1,407,772 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company's stock.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.