Rivian Automotive (NASDAQ:RIVN) Stock Price Down 0.5% - Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares traded down 0.5% on Thursday . The stock traded as low as $11.37 and last traded at $11.44. 4,531,910 shares were traded during trading, a decline of 88% from the average session volume of 36,536,162 shares. The stock had previously closed at $11.49.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on RIVN shares. The Goldman Sachs Group reduced their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Guggenheim cut their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research note on Monday, February 24th. Piper Sandler lowered Rivian Automotive from an "overweight" rating to a "neutral" rating and decreased their price target for the company from $19.00 to $13.00 in a research note on Thursday, March 20th. Benchmark reaffirmed a "buy" rating and issued a $18.00 price objective on shares of Rivian Automotive in a research note on Tuesday, March 18th. Finally, Wells Fargo & Company raised their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an "equal weight" rating in a research report on Friday, February 21st. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Rivian Automotive has an average rating of "Hold" and an average price target of $14.17.

Rivian Automotive Stock Down 3.9 %

The firm has a market cap of $12.61 billion, a price-to-earnings ratio of -2.36 and a beta of 1.89. The firm has a 50 day moving average of $11.89 and a 200 day moving average of $12.09. 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 - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. As a group, sell-side analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction dated Wednesday, February 19th. The stock was 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 approximately $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 185,427 shares of company stock valued at $2,237,044. Company insiders own 2.51% of the company's stock.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of RIVN. Dimension Capital Management LLC raised its position in Rivian Automotive by 5.5% in the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock valued at $208,000 after buying an additional 819 shares during the last quarter. Tradition Wealth Management LLC lifted its position in shares of Rivian Automotive by 7.2% during the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock valued at $168,000 after purchasing an additional 849 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Rivian Automotive by 1.5% during the first quarter. Assenagon Asset Management S.A. now owns 60,252 shares of the electric vehicle automaker's stock valued at $750,000 after purchasing an additional 867 shares in the last quarter. RFG Holdings Inc. grew its position in Rivian Automotive by 5.2% in the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker's stock worth $296,000 after purchasing an additional 1,096 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its stake in Rivian Automotive by 4.6% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker's stock valued at $354,000 after buying an additional 1,160 shares during the last quarter. 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.