Rivian Automotive (NASDAQ:RIVN) Stock Price Down 4.7% - Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) dropped 4.7% during trading on Wednesday . The stock traded as low as $12.32 and last traded at $12.66. Approximately 22,413,681 shares traded hands during trading, a decline of 40% from the average daily volume of 37,132,458 shares. The stock had previously closed at $13.28.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on RIVN shares. Piper Sandler cut shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and lowered their price target for the stock from $19.00 to $13.00 in a research note on Thursday, March 20th. Barclays upped their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Wednesday, January 22nd. Cowen began coverage on shares of Rivian Automotive in a research report on Thursday, March 6th. They set a "hold" rating for the company. UBS Group boosted their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock a "neutral" rating in a research note on Thursday, January 16th. Finally, Benchmark reaffirmed a "buy" rating and issued a $18.00 price objective on shares of Rivian Automotive in a research note on Tuesday, March 18th. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $14.38.

Rivian Automotive Price Performance

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's 50-day moving average is $12.17 and its 200-day moving average is $12.10. The firm has a market capitalization of $12.68 billion, a price-to-earnings ratio of -2.37 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly 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 company had revenue of $1.73 billion for 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%. On average, research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $11.82, for a total transaction of $844,290.78. Following the transaction, the chief executive officer now directly owns 853,011 shares of the company's stock, valued at $10,082,590.02. The trade was a 7.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction 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 represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock worth $2,588,475 over the last three months. 2.51% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently added to or reduced their stakes in RIVN. Capital International Investors acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at about $144,030,000. Norges Bank acquired a new stake in Rivian Automotive in the fourth quarter valued at approximately $123,308,000. Northern Trust Corp grew its position in Rivian Automotive by 68.5% in the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock valued at $96,275,000 after acquiring an additional 2,941,928 shares in the last quarter. Twinbeech Capital LP purchased a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $29,944,000. Finally, Groupama Asset Managment acquired a new position in shares of Rivian Automotive during the fourth quarter worth $26,600,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.