Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.7% - Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price was down 2.7% during trading on Friday . The company traded as low as $13.75 and last traded at $13.82. Approximately 9,755,828 shares changed hands during trading, a decline of 76% from the average daily volume of 39,862,438 shares. The stock had previously closed at $14.20.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on RIVN shares. Royal Bank of Canada reduced their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a "sector perform" rating on the stock in a research note on Friday, November 8th. Canaccord Genuity Group reduced their price target on shares of Rivian Automotive from $30.00 to $28.00 and set a "buy" rating on the stock in a research note on Monday, October 7th. The Goldman Sachs Group raised their target price on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a "neutral" rating in a research report on Thursday, November 14th. Wells Fargo & Company dropped their price objective on Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 15th. Finally, Piper Sandler dropped their price target on Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating on the stock in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Rivian Automotive has an average rating of "Hold" and an average price target of $15.83.

Rivian Automotive Price Performance

The firm has a 50-day simple moving average of $11.00 and a two-hundred day simple moving average of $12.62. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $14.26 billion, a price-to-earnings ratio of -2.47 and a beta of 2.12.

Insider Activity

In other news, CFO Claire Mcdonough sold 8,097 shares of the business's stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total transaction of $98,783.40. Following the transaction, the chief financial officer now owns 370,401 shares of the company's stock, valued at approximately $4,518,892.20. The trade was a 2.14 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the company's stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares of the company's stock, valued at $10,319,162.64. This represents a 8.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 177,974 shares of company stock worth $2,038,483 over the last three months. Insiders own 2.51% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive during the 3rd quarter worth about $28,000. GHP Investment Advisors Inc. increased its position in shares of Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker's stock worth $29,000 after purchasing an additional 1,002 shares in the last quarter. American Capital Advisory LLC boosted its stake in shares of Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker's stock worth $33,000 after buying an additional 2,111 shares during the period. Hantz Financial Services Inc. lifted its holdings in shares of Rivian Automotive by 2,636.4% during the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker's stock worth $34,000 after purchasing an additional 2,900 shares during the period. Finally, International Assets Investment Management LLC purchased a new stake in shares of Rivian Automotive in the second quarter valued at about $37,000. 66.25% of the stock is currently 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.

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