Rivian Automotive (NASDAQ:RIVN) Shares Down 3.7% - Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price fell 3.7% during mid-day trading on Wednesday . The company traded as low as $13.95 and last traded at $14.15. 11,260,434 shares traded hands during trading, a decline of 72% from the average session volume of 39,866,250 shares. The stock had previously closed at $14.70.

Analysts Set New Price Targets

A number of research analysts recently issued reports on RIVN shares. Wolfe Research started coverage on Rivian Automotive in a report on Thursday, September 5th. They issued a "peer perform" rating for the company. Morgan Stanley cut Rivian Automotive from an "overweight" rating to an "equal weight" rating and decreased their price objective for the stock from $16.00 to $13.00 in a research note on Wednesday, September 25th. Piper Sandler reduced their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating on the stock in a research note on Friday, November 8th. Wedbush reaffirmed an "outperform" rating and issued a $20.00 target price on shares of Rivian Automotive in a research note on Friday, November 8th. Finally, Guggenheim reduced their price target on shares of Rivian Automotive from $21.00 to $18.00 and set a "buy" rating on the stock in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat, Rivian Automotive has an average rating of "Hold" and an average price target of $15.74.

Rivian Automotive Trading Down 11.2 %

The firm has a 50 day moving average of $11.26 and a 200-day moving average of $12.74. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $13.33 billion, a P/E ratio of -2.33 and a beta of 2.12.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 83,333 shares of the business's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company's stock, valued at approximately $10,319,162.64. The trade was a 8.59 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 8,097 shares of the firm's stock in a transaction dated Tuesday, November 26th. The shares were 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 directly owns 370,401 shares in the company, valued at $4,518,892.20. This trade represents a 2.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 267,904 shares of company stock worth $3,291,004. Corporate insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. increased its holdings in shares of Rivian Automotive by 52.5% during 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 in the last quarter. Renaissance Technologies LLC boosted its position in shares of Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker's stock valued at $72,877,000 after purchasing an additional 3,285,867 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock worth $51,693,000 after buying an additional 2,035,831 shares during the period. AQR Capital Management LLC grew its holdings in Rivian Automotive by 102.8% in the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker's stock worth $33,276,000 after purchasing an additional 1,257,106 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in Rivian Automotive by 53.8% in the second quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker's stock valued at $39,889,000 after acquiring an additional 1,039,758 shares during the period. Institutional investors own 66.25% of the company's stock.

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.