Rivian Automotive (NASDAQ:RIVN) Trading Down 4% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price fell 4% on Friday . The company traded as low as $12.35 and last traded at $12.50. 16,157,142 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 36,873,636 shares. The stock had previously closed at $13.02.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on RIVN. Baird R W downgraded shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Cowen initiated coverage on shares of Rivian Automotive in a report on Thursday, March 6th. They set a “hold” rating for the company. Piper Sandler cut Rivian Automotive from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $19.00 to $13.00 in a research report on Thursday, March 20th. TD Cowen initiated coverage on Rivian Automotive in a report on Friday, March 7th. They issued a “hold” rating and a $12.70 target price on the stock. Finally, Needham & Company LLC upped their price target on Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $14.38.

Rivian Automotive Stock Down 5.4 %

The stock has a market capitalization of $13.92 billion, a P/E ratio of -2.62 and a beta of 2.03. The business has a 50-day simple moving average of $12.30 and a two-hundred day simple moving average of $12.15. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.06. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. Equities research 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 other news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 35,713 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value of $491,410.88. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,879,847.36. The trade was a 3.97 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,427 shares of company stock worth $2,588,475. 2.51% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RIVN. Dimension Capital Management LLC raised its stake in shares of Rivian Automotive by 5.5% during the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock worth $208,000 after buying an additional 819 shares during the last quarter. Tradition Wealth Management LLC raised its position in shares of Rivian Automotive by 7.2% during the 4th quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock valued at $168,000 after acquiring an additional 849 shares during the last quarter. RFG Holdings Inc. lifted its stake in shares of Rivian Automotive by 5.2% in the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock valued at $296,000 after purchasing an additional 1,096 shares during the period. Oppenheimer & Co. Inc. boosted its position in shares of Rivian Automotive by 4.6% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock worth $354,000 after purchasing an additional 1,160 shares during the last quarter. Finally, Freestone Capital Holdings LLC grew its stake in shares of Rivian Automotive by 4.1% during the fourth quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker’s stock worth $390,000 after purchasing an additional 1,164 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.