Rivian Automotive (NASDAQ:RIVN) Trading Down 8.6% – Time to Sell?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) fell 8.6% during mid-day trading on Monday . The stock traded as low as $15.08 and last traded at $15.10. 26,725,860 shares traded hands during trading, a decline of 11% from the average session volume of 30,024,768 shares. The stock had previously closed at $16.52.

Analysts Set New Price Targets

Several brokerages have issued reports on RIVN. DA Davidson increased their target price on Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Wall Street Zen raised Rivian Automotive from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Jefferies Financial Group restated a “hold” rating and set a $15.00 price objective on shares of Rivian Automotive in a research note on Tuesday, March 3rd. Tigress Financial reaffirmed a “buy” rating and set a $25.00 price objective on shares of Rivian Automotive in a research report on Friday, April 10th. Finally, Benchmark reiterated a “buy” rating and issued a $25.00 target price on shares of Rivian Automotive in a research note on Friday, May 1st. Twelve research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $18.57.

Rivian Automotive Stock Down 8.6%

The company’s 50-day moving average is $15.67 and its 200 day moving average is $16.37. The stock has a market capitalization of $18.74 billion, a PE ratio of -5.17 and a beta of 1.62. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00.

Insider Activity

In related news, CFO Claire Mcdonough sold 10,245 shares of the firm’s stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total transaction of $184,410.00. Following the sale, the chief financial officer owned 946,814 shares in the company, valued at approximately $17,042,652. This trade represents a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total value of $522,270.00. Following the transaction, the chief executive officer owned 922,286 shares in the company, valued at $13,834,290. This represents a 3.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 100,340 shares of company stock valued at $1,560,246. Company insiders own 1.48% of the company’s stock.

Institutional Trading of Rivian Automotive

Institutional investors have recently made changes to their positions in the company. Norges Bank acquired a new position in Rivian Automotive in the fourth quarter valued at approximately $220,323,000. Renaissance Technologies LLC increased its stake in Rivian Automotive by 32.4% during the fourth quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock worth $323,195,000 after acquiring an additional 4,012,386 shares during the last quarter. Vanguard Group Inc. raised its position in Rivian Automotive by 3.3% in the third quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock valued at $1,198,967,000 after purchasing an additional 2,597,310 shares during the period. Capital International Investors raised its position in Rivian Automotive by 13.2% in the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after purchasing an additional 2,418,717 shares during the period. Finally, AQR Capital Management LLC raised its position in Rivian Automotive by 496.6% in the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after purchasing an additional 1,918,852 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

About Rivian Automotive

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.