Rivian Automotive (NASDAQ:RIVN) Trading Down 9.8% – Time to Sell?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 9.8% during mid-day trading on Friday . The company traded as low as $16.24 and last traded at $16.35. 35,625,004 shares traded hands during trading, an increase of 18% from the average session volume of 30,148,938 shares. The stock had previously closed at $18.12.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. BNP Paribas Exane reiterated an “outperform” rating and set a $22.00 price objective (down from $23.00) on shares of Rivian Automotive in a research report on Friday, May 1st. Wall Street Zen upgraded shares of Rivian Automotive from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Tigress Financial reiterated a “buy” rating and set a $25.00 price objective on shares of Rivian Automotive in a research report on Friday, April 10th. Needham & Company LLC reiterated a “buy” rating and set a $23.00 price objective on shares of Rivian Automotive in a research report on Friday, May 1st. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $15.00 price objective on shares of Rivian Automotive in a research report on Tuesday, March 3rd. Twelve equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $18.57.

Rivian Automotive Stock Performance

The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00. The company’s 50-day simple moving average is $15.43 and its 200-day simple moving average is $16.33. The stock has a market capitalization of $20.29 billion, a price-to-earnings ratio of -5.60 and a beta of 1.62.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 10,245 shares of the company’s stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total value of $184,410.00. Following the completion of the transaction, the chief financial officer directly owned 946,814 shares in the company, valued at approximately $17,042,652. This represents a 1.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the completion of the transaction, the chief executive officer owned 922,286 shares of the company’s stock, valued at approximately $13,834,290. This trade represents a 3.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 117,790 shares of company stock valued at $1,832,466. Corporate insiders own 1.48% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently modified their holdings of the company. Danske Bank A S increased its position in shares of Rivian Automotive by 36.8% during the fourth quarter. Danske Bank A S now owns 613,993 shares of the electric vehicle automaker’s stock worth $12,102,000 after buying an additional 165,300 shares during the period. Trek Financial LLC acquired a new stake in shares of Rivian Automotive during the fourth quarter worth $6,115,000. New York State Common Retirement Fund increased its position in shares of Rivian Automotive by 36.4% during the third quarter. New York State Common Retirement Fund now owns 597,353 shares of the electric vehicle automaker’s stock worth $8,769,000 after buying an additional 159,400 shares during the period. Swedbank AB increased its position in shares of Rivian Automotive by 8.6% during the fourth quarter. Swedbank AB now owns 941,304 shares of the electric vehicle automaker’s stock worth $18,553,000 after buying an additional 74,322 shares during the period. Finally, DNB Asset Management AS increased its position in shares of Rivian Automotive by 85.4% during the third quarter. DNB Asset Management AS now owns 728,262 shares of the electric vehicle automaker’s stock worth $10,691,000 after buying an additional 335,511 shares during the period. 66.25% of the stock is currently 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.