Rivian Automotive (NASDAQ:RIVN) Trading Down 2.2% - Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price dropped 2.2% during mid-day trading on Thursday . The company traded as low as $10.88 and last traded at $11.11. Approximately 9,032,902 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 36,824,056 shares. The stock had previously closed at $11.36.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on RIVN shares. UBS Group upped their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a "neutral" rating in a research note on Thursday, January 16th. Needham & Company LLC upped their target price on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a "buy" rating in a research note on Friday, February 21st. Wells Fargo & Company lifted their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Friday, February 21st. Piper Sandler downgraded shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and lowered their price objective for the company from $19.00 to $13.00 in a research report on Thursday. Finally, Baird R W downgraded shares of Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. 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.com, the company has an average rating of "Hold" and a consensus target price of $14.38.

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Rivian Automotive Stock Up 6.6 %

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company has a fifty day moving average of $12.41 and a two-hundred day moving average of $12.17. The company has a market cap of $13.12 billion, a PE ratio of -2.46 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. The firm 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%. As a group, analysts anticipate 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, 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 sale, the chief executive officer now owns 863,361 shares in the company, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock worth $2,735,619 over the last 90 days. Company insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently bought and sold shares of RIVN. Dimension Capital Management LLC grew its position in shares of 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 worth $208,000 after buying an additional 819 shares during the last quarter. Tradition Wealth Management LLC boosted its holdings in Rivian Automotive by 7.2% in 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 during the last quarter. RFG Holdings Inc. grew its holdings in Rivian Automotive by 5.2% during the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker's stock worth $296,000 after acquiring an additional 1,096 shares during the period. Oppenheimer & Co. Inc. increased its holdings in shares of Rivian Automotive by 4.6% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker's stock valued at $354,000 after purchasing an additional 1,160 shares in the last quarter. Finally, Freestone Capital Holdings LLC raised its position in shares of Rivian Automotive by 4.1% in the fourth quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker's stock worth $390,000 after acquiring an additional 1,164 shares during the period. 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.