Rivian Automotive (NASDAQ:RIVN) Shares Gap Down - Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $13.28, but opened at $12.81. Rivian Automotive shares last traded at $12.51, with a volume of 7,695,240 shares traded.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Wells Fargo & Company raised their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company an "equal weight" rating in a research note on Friday, February 21st. Bank of America lowered shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and decreased their price objective for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Benchmark restated a "buy" rating and set a $18.00 target price on shares of Rivian Automotive in a report on Tuesday, March 18th. Truist Financial upped their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a report on Thursday, January 16th. Finally, Barclays raised their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Wednesday, January 22nd. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Rivian Automotive presently has an average rating of "Hold" and an average target price of $14.38.

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Rivian Automotive Stock Performance

The company has a market cap of $13.04 billion, a PE ratio of -2.44 and a beta of 2.03. The stock's 50 day simple moving average is $12.20 and its two-hundred day simple moving average is $12.11. 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 issued its earnings results 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%. As a group, research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction dated 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 sale, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. 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 company insiders.

Institutional Trading of Rivian Automotive

Several large investors have recently bought and sold shares of RIVN. Tandem Financial LLC purchased a new position in shares of Rivian Automotive in the fourth quarter valued at $25,000. Bank of Jackson Hole Trust acquired a new stake in shares of Rivian Automotive during the fourth quarter valued at about $27,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Rivian Automotive during the third quarter worth about $28,000. Orion Capital Management LLC acquired a new position in shares of Rivian Automotive in the fourth quarter worth about $34,000. Finally, Bear Mountain Capital Inc. boosted its holdings in Rivian Automotive by 208.0% in the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock valued at $36,000 after purchasing an additional 1,932 shares during the last quarter. Institutional investors and hedge funds 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.