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

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price traded down 3.1% during trading on Monday . The company traded as low as $11.69 and last traded at $12.03. 11,542,823 shares traded hands during trading, a decline of 69% from the average session volume of 37,030,883 shares. The stock had previously closed at $12.41.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Wells Fargo & Company boosted their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a report on Friday, February 21st. Mizuho reduced their target price on shares of Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating on the stock in a report on Monday, March 17th. TD Cowen started coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They set a "hold" rating and a $12.70 price target on the stock. Cantor Fitzgerald downgraded shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and upped their price objective for the company from $13.00 to $15.00 in a research note on Friday, February 21st. Finally, Truist Financial boosted their price target on Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a report on Thursday, January 16th. Three 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's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $14.38.

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Rivian Automotive Stock Performance

The stock's 50 day moving average price is $12.22 and its 200 day moving average price is $12.11. 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 firm has a market cap of $13.04 billion, a PE ratio of -2.44 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings data 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. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.43 billion. As a group, equities analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the transaction, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the sale, the chief financial officer now owns 335,076 shares of the company's stock, 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 have sold 185,427 shares of company stock worth $2,588,475 over the last 90 days. Company insiders own 2.51% of the company's stock.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in RIVN. Dimension Capital Management LLC grew its holdings in Rivian Automotive by 5.5% during the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock worth $208,000 after acquiring an additional 819 shares in the last quarter. Tradition Wealth Management LLC increased 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 buying an additional 849 shares during the last quarter. RFG Holdings Inc. raised its stake 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 valued at $296,000 after buying an additional 1,096 shares in the last quarter. Oppenheimer & Co. Inc. lifted its holdings in Rivian Automotive by 4.6% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker's stock worth $354,000 after buying an additional 1,160 shares during the last quarter. Finally, Freestone Capital Holdings LLC grew its position in shares of Rivian Automotive by 4.1% in the 4th 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 in the last quarter. Institutional investors own 66.25% of the company's stock.

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.