Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2% - Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) was down 2% during trading on Wednesday . The stock traded as low as $13.88 and last traded at $14.15. Approximately 9,675,820 shares changed hands during trading, a decline of 70% from the average daily volume of 32,335,037 shares. The stock had previously closed at $14.44.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on RIVN shares. Sanford C. Bernstein began coverage on Rivian Automotive in a report on Wednesday, January 29th. They set an "underperform" rating and a $6.10 price objective for the company. Truist Financial boosted their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a research note on Thursday, January 16th. Mizuho boosted their target price on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a research report on Friday. Piper Sandler decreased their target price on shares of Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating for the company in a research report on Friday, November 8th. Finally, Needham & Company LLC boosted their price objective on Rivian Automotive from $14.00 to $17.00 and gave the stock a "buy" rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $15.50.

Rivian Automotive Stock Down 4.7 %

The stock has a fifty day moving average price of $13.59 and a 200 day moving average price of $12.54. 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 stock has a market capitalization of $13.24 billion, a P/E ratio of -2.32 and a beta of 2.04.

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. Rivian Automotive had a negative return on equity of 72.78% and a negative net margin of 121.38%. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. On average, research analysts forecast that Rivian Automotive, Inc. will post -4.7 earnings per share for the current year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company's stock, valued at $11,879,847.36. The trade was a 3.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 8,097 shares of the business's stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the completion of the sale, the chief financial officer now owns 370,401 shares of the company's stock, valued at $4,518,892.20. The trade was a 2.14 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 366,788 shares of company stock worth $5,024,431. 2.51% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds have recently made changes to their positions in the business. Dimension Capital Management LLC lifted its stake in shares of Rivian Automotive by 5.5% in the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock valued at $208,000 after acquiring an additional 819 shares during the last quarter. Tradition Wealth Management LLC lifted its position 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 purchasing an additional 849 shares during the last quarter. John G Ullman & Associates Inc. lifted its position in Rivian Automotive by 9.1% in the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker's stock valued at $135,000 after purchasing an additional 1,000 shares during the last quarter. GHP Investment Advisors Inc. raised its holdings in Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker's stock valued at $29,000 after buying an additional 1,002 shares during the last quarter. Finally, RFG Holdings Inc. raised its holdings in Rivian Automotive by 5.2% during the 4th 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 during the last quarter. 66.25% of the stock is currently owned by 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.