Rivian Automotive (NASDAQ:RIVN) Stock Price Down 5.6% - Time to Sell?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded down 5.6% during mid-day trading on Thursday . The stock traded as low as $11.75 and last traded at $11.79. 14,552,511 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 37,149,404 shares. The stock had previously closed at $12.49.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on RIVN. Cowen started coverage on shares of Rivian Automotive in a research note on Thursday, March 6th. They set a "hold" rating for the company. Piper Sandler lowered shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and dropped their price objective for the company from $19.00 to $13.00 in a research report on Thursday, March 20th. Mizuho reduced their price target on Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating for the company in a research note on Monday, March 17th. Sanford C. Bernstein began coverage on Rivian Automotive in a research report on Wednesday, January 29th. They set an "underperform" rating and a $6.10 target price for the company. Finally, Guggenheim reduced their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Monday, February 24th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $14.38.

Rivian Automotive Stock Performance

The business's fifty day moving average price is $12.14 and its 200-day moving average price is $12.07. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The stock has a market capitalization of $12.68 billion, a PE ratio of -2.37 and a beta of 1.89.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. As a group, equities research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the company's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value of $491,410.88. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,879,847.36. This represents a 3.97 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 113,998 shares of company stock valued at $1,433,468. Insiders own 2.51% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RIVN. GAMMA Investing LLC boosted its position in Rivian Automotive by 946.1% during the 1st quarter. GAMMA Investing LLC now owns 93,026 shares of the electric vehicle automaker's stock valued at $1,158,000 after buying an additional 84,133 shares during the period. AdvisorNet Financial Inc raised its stake in shares of Rivian Automotive by 81.4% during the first quarter. AdvisorNet Financial Inc now owns 3,792 shares of the electric vehicle automaker's stock valued at $47,000 after acquiring an additional 1,702 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ purchased a new stake in shares of Rivian Automotive during the fourth quarter worth about $3,198,000. PKO Investment Management Joint Stock Co bought a new stake in shares of Rivian Automotive in the fourth quarter worth about $479,000. Finally, Siemens Fonds Invest GmbH purchased a new position in Rivian Automotive during the 4th quarter valued at about $145,000. Institutional investors own 66.25% of the company's stock.

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.