Rivian Automotive (NASDAQ:RIVN) Trading Down 3.8% - Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded down 3.8% during trading on Monday . The company traded as low as $12.53 and last traded at $12.58. 11,388,112 shares were traded during mid-day trading, a decline of 66% from the average session volume of 33,579,361 shares. The stock had previously closed at $13.07.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Benchmark reiterated a "buy" rating and issued a $18.00 price target on shares of Rivian Automotive in a report on Tuesday, March 18th. Stifel Nicolaus lifted their price target on Rivian Automotive from $16.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Needham & Company LLC reduced their target price on Rivian Automotive from $17.00 to $16.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Wedbush lowered their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Finally, Wells Fargo & Company cut their price objective on shares of Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 7th. Three research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $14.38.

Rivian Automotive Trading Up 1.2%

The firm's 50 day simple moving average is $14.21 and its two-hundred day simple moving average is $13.13. The stock has a market capitalization of $15.10 billion, a P/E ratio of -3.59 and a beta of 1.81. The company has a quick ratio of 2.80, a current ratio of 3.73 and a debt-to-equity ratio of 0.71.

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 net margin of 76.83% and a negative return on equity of 60.64%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $981.52 million. During the same quarter last year, the firm posted ($1.48) earnings per share. The firm's revenue was up 3.0% compared to the same quarter last year. As a group, analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 17,185 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the transaction, the chief financial officer directly owned 824,875 shares in the company, valued at approximately $12,694,826.25. This represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 71,428 shares of Rivian Automotive stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $15.36, for a total value of $1,097,134.08. Following the completion of the sale, the chief executive officer directly owned 1,483,111 shares in the company, valued at approximately $22,780,584.96. This represents a 4.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 241,407 shares of company stock worth $3,553,883 over the last 90 days. Insiders own 2.16% of the company's stock.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of the stock. Brighton Jones LLC boosted its position in shares of Rivian Automotive by 28.0% in the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock worth $235,000 after purchasing an additional 3,864 shares in the last quarter. Jones Financial Companies Lllp increased its stake in shares of Rivian Automotive by 91.1% in the 4th quarter. Jones Financial Companies Lllp now owns 25,202 shares of the electric vehicle automaker's stock valued at $335,000 after purchasing an additional 12,014 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Rivian Automotive by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock worth $63,055,000 after purchasing an additional 133,781 shares during the last quarter. Keybank National Association OH purchased a new stake in shares of Rivian Automotive during the fourth quarter worth $141,000. Finally, Proficio Capital Partners LLC purchased a new position in shares of Rivian Automotive during the fourth quarter worth about $487,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Company Profile

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.