Rivian Automotive (NASDAQ:RIVN) Shares Down 1.6% - Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares fell 1.6% during trading on Thursday . The stock traded as low as $10.94 and last traded at $11.24. 8,373,911 shares were traded during mid-day trading, a decline of 78% from the average session volume of 38,221,993 shares. The stock had previously closed at $11.42.

Analyst Upgrades and Downgrades

RIVN has been the topic of several recent analyst reports. UBS Group lifted their target price on Rivian Automotive from $11.00 to $14.00 and gave the company a "neutral" rating in a research note on Thursday, January 16th. Benchmark assumed coverage on shares of Rivian Automotive in a research note on Monday, December 9th. They set a "buy" rating and a $18.00 price objective on the stock. Mizuho increased their target price on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research report on Friday, February 21st. Truist Financial boosted their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a research report on Thursday, January 16th. Finally, Robert W. Baird reaffirmed a "neutral" rating and issued a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Three research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Rivian Automotive currently has an average rating of "Hold" and an average price target of $14.73.

Remove Ads

Rivian Automotive Stock Down 1.7 %

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock has a market cap of $12.18 billion, a price-to-earnings ratio of -2.28 and a beta of 2.03. The business's 50 day moving average is $13.01 and its 200 day moving average is $12.34.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion during 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%. Equities analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction 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 completion of the sale, the chief financial officer now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the business'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 completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 275,357 shares of company stock valued at $3,988,140 in the last 90 days. 2.51% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently made changes to their positions in the company. Baillie Gifford & Co. increased its holdings in Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker's stock worth $565,012,000 after buying an additional 17,341,786 shares during the last quarter. Capital International Investors acquired a new position in shares of Rivian Automotive during the 4th quarter worth $144,030,000. Norges Bank acquired a new position in shares of Rivian Automotive during the 4th quarter worth $123,308,000. Northern Trust Corp raised its holdings in shares of Rivian Automotive by 68.5% during the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock valued at $96,275,000 after purchasing an additional 2,941,928 shares in the last quarter. Finally, Twinbeech Capital LP acquired a new stake in shares of Rivian Automotive in the 4th quarter valued at $29,944,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.