Rivian Automotive (NASDAQ:RIVN) Trading Down 1.8% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 1.8% on Wednesday . The company traded as low as $15.50 and last traded at $15.53. 16,864,501 shares traded hands during mid-day trading, a decline of 44% from the average session volume of 30,331,170 shares. The stock had previously closed at $15.82.

Wall Street Analyst Weigh In

A number of research analysts recently commented on RIVN shares. TD Cowen raised Rivian Automotive from a “hold” rating to a “buy” rating and boosted their price target for the stock from $17.00 to $20.00 in a report on Tuesday, March 10th. Stifel Nicolaus lifted their price objective on shares of Rivian Automotive from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, February 17th. Wall Street Zen downgraded shares of Rivian Automotive from a “hold” rating to a “strong sell” rating in a report on Sunday, February 15th. Benchmark restated a “buy” rating on shares of Rivian Automotive in a research report on Thursday, March 12th. Finally, Leerink Partners restated an “outperform” rating on shares of Rivian Automotive in a report on Thursday, March 12th. Eleven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have issued a Sell rating to the stock. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average price target of $18.00.

Rivian Automotive Stock Down 1.8%

The business’s 50 day simple moving average is $15.95 and its 200 day simple moving average is $15.82. The company has a current ratio of 2.33, a quick ratio of 1.89 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $19.27 billion, a PE ratio of -5.06 and a beta of 1.75.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.66) EPS for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.02. Rivian Automotive had a negative return on equity of 65.05% and a negative net margin of 67.68%.The firm had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the previous year, the business earned ($0.70) EPS. The company’s quarterly revenue was down 25.8% on a year-over-year basis. On average, equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In related news, CFO Claire Mcdonough sold 27,133 shares of Rivian Automotive stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total transaction of $455,834.40. Following the transaction, the chief financial officer directly owned 680,836 shares of the company’s stock, valued at $11,438,044.80. This trade represents a 3.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 17,450 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $15.00, for a total transaction of $261,750.00. Following the completion of the transaction, the chief executive officer directly owned 1,027,281 shares of the company’s stock, valued at $15,409,215. This trade represents a 1.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 131,833 shares of company stock valued at $2,298,729. Company insiders own 2.16% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently modified their holdings of RIVN. Newbridge Financial Services Group Inc. boosted its holdings in Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 1,000 shares in the last quarter. Core Wealth Advisors LLC acquired a new position in shares of Rivian Automotive in the fourth quarter worth about $27,000. Mather Group LLC. purchased a new position in shares of Rivian Automotive during the 3rd quarter valued at approximately $30,000. Hemington Wealth Management raised its position in shares of Rivian Automotive by 291.0% during the 3rd quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker’s stock worth $31,000 after purchasing an additional 1,580 shares during the last quarter. Finally, SOA Wealth Advisors LLC. raised its stake in Rivian Automotive by 894.2% in the 4th quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after purchasing an additional 1,395 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.