Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.2% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 2.2% during mid-day trading on Tuesday. The company traded as low as $13.46 and last traded at $13.70. Approximately 26,529,948 shares traded hands during trading, a decline of 10% from the average daily volume of 29,459,195 shares. The stock had previously closed at $14.01.

Wall Street Analyst Weigh In

A number of analysts have recently commented on RIVN shares. Stifel Nicolaus reissued a “buy” rating and issued a $22.00 price target on shares of Rivian Automotive in a research report on Monday. Cantor Fitzgerald lowered their target price on shares of Rivian Automotive from $19.00 to $16.00 and set a “neutral” rating on the stock in a research note on Friday, October 30th. DA Davidson cut their price objective on Rivian Automotive from $17.00 to $15.00 and set a “neutral” rating for the company in a report on Friday, November 6th. Citigroup began coverage on shares of Rivian Automotive in a report on Monday, September 14th. They set a “hold” rating and a $18.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Rivian Automotive in a research note on Friday, October 2nd. Fifteen research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and an average price target of $19.50.

Rivian Automotive Stock Down 5.5%

The stock has a market capitalization of $18.68 billion, a P/E ratio of -5.69 and a beta of 1.64. The company has a fifty day moving average price of $14.08 and a 200-day moving average price of $15.37. The company has a quick ratio of 1.70, a current ratio of 2.18 and a debt-to-equity ratio of 0.78.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Thursday, October 29th. The electric vehicle automaker reported ($0.48) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.64) by $0.16. Rivian Automotive had a negative net margin of 45.88% and a negative return on equity of 69.68%. The firm had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2 billion. During the same period last year, the firm posted ($1.08) earnings per share. Rivian Automotive’s revenue for the quarter was up 38.3% compared to the same quarter last year. As a group, research analysts forecast that Rivian Automotive, Inc. will post -2.72 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, insider Michael John Callahan sold 15,000 shares of the stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $15.00, for a total value of $225,000.00. Following the sale, the insider directly owned 1,001,776 shares of the company’s stock, valued at $15,026,640. This represents a 1.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire McDonough sold 13,144 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total value of $190,588.00. Following the sale, the chief financial officer directly owned 827,201 shares of the company’s stock, valued at $11,994,414.50. This represents a 1.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 51,167 shares of company stock worth $788,306. Corporate insiders own 1.48% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its position in shares of Rivian Automotive by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 7,438,776 shares of the electric vehicle automaker’s stock worth $111,896,000 after acquiring an additional 25,382 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Rivian Automotive during the second quarter valued at approximately $49,915,000. Hsbc Holdings PLC boosted its holdings in shares of Rivian Automotive by 55.8% in the first quarter. Hsbc Holdings PLC now owns 3,097,836 shares of the electric vehicle automaker’s stock valued at $46,625,000 after purchasing an additional 1,109,171 shares during the period. Swiss National Bank boosted its holdings in shares of Rivian Automotive by 8.2% in the first quarter. Swiss National Bank now owns 2,331,000 shares of the electric vehicle automaker’s stock valued at $35,082,000 after purchasing an additional 176,500 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Rivian Automotive by 22.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,970,637 shares of the electric vehicle automaker’s stock valued at $29,441,000 after purchasing an additional 356,540 shares during the period. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Company Profile

Rivian Automotive, Inc. designs, develops and manufactures electric vehicles and related technology. Its consumer lineup includes the R1T electric pickup truck and R1S electric sport utility vehicle, while its commercial offerings include electric delivery vans and fleet services. Founded in 2009 by RJ Scaringe, the company began delivering its R1T and R1S vehicles in 2021. Rivian also develops vehicle software, charging solutions and services intended to support its consumer and commercial customers.