Rivian Automotive (NASDAQ:RIVN) Trading Down 3.1% - Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) fell 3.1% on Thursday . The company traded as low as $10.74 and last traded at $10.72. 6,672,930 shares changed hands during trading, a decline of 82% from the average session volume of 37,187,404 shares. The stock had previously closed at $11.06.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of analyst reports. Baird R W cut Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. Truist Financial boosted their target price on Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a report on Thursday, January 16th. Guggenheim cut their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Monday, February 24th. Cowen assumed coverage on Rivian Automotive in a research report on Thursday, March 6th. They issued a "hold" rating for the company. Finally, Bank of America downgraded shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and cut their price objective for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Three research analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $14.64.

Rivian Automotive Stock Up 1.6 %

The company has a 50-day moving average of $12.65 and a two-hundred day moving average of $12.23. 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 company has a market capitalization of $12.66 billion, a PE ratio of -2.37 and a beta of 2.03.

Remove Ads

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the sale, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction dated Wednesday, February 19th. The shares were 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 owns 335,076 shares in the company, valued at $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. Insiders sold a total of 185,427 shares of company stock worth $2,735,619 over the last three months. 2.51% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Tandem Financial LLC purchased a new stake in Rivian Automotive during the 4th quarter valued at approximately $25,000. Bank of Jackson Hole Trust bought a new position in Rivian Automotive during the fourth quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB purchased a new position in Rivian Automotive during the 3rd quarter valued at approximately $28,000. Orion Capital Management LLC bought a new stake in Rivian Automotive in the 4th quarter worth approximately $34,000. Finally, Bear Mountain Capital Inc. raised its holdings in shares of Rivian Automotive by 208.0% during the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock worth $36,000 after acquiring an additional 1,932 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

About Rivian Automotive

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.