Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.8% – Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN) was down 2.8% during mid-day trading on Tuesday . The stock traded as low as $14.87 and last traded at $15.20. Approximately 15,015,278 shares traded hands during trading, a decline of 59% from the average daily volume of 36,244,359 shares. The stock had previously closed at $15.63.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on RIVN shares. Wedbush decreased their target price on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th. Jefferies Financial Group restated a “hold” rating and issued a $16.00 target price on shares of Rivian Automotive in a report on Wednesday, May 14th. Bank of America lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Needham & Company LLC reduced their price target on Rivian Automotive from $17.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. decreased their price target on Rivian Automotive from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Friday, April 25th. Three investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Rivian Automotive has an average rating of “Hold” and an average price target of $14.33.

Rivian Automotive Trading Down 4.4%

The firm has a market cap of $16.89 billion, a price-to-earnings ratio of -3.16 and a beta of 1.86. 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 company has a 50-day moving average price of $13.00 and a 200 day moving average price of $12.77.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, beating the consensus estimate of ($0.80) by $0.23. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $981.52 million. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. Rivian Automotive’s revenue was up 3.0% on a year-over-year basis. During the same period in the previous year, the company posted ($1.48) EPS. As a group, research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Claire Mcdonough sold 17,185 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the sale, the chief financial officer now owns 824,875 shares in the company, valued at $12,694,826.25. This represents a 2.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 71,428 shares of the business’s stock in a transaction on Monday, May 19th. The stock was sold at an average price of $15.36, for a total transaction of $1,097,134.08. Following the transaction, the chief executive officer now directly owns 1,483,111 shares in the company, valued at $22,780,584.96. This trade represents a 4.59% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 384,265 shares of company stock worth $5,201,750. 2.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently made changes to their positions in RIVN. Tandem Financial LLC acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $25,000. PFS Partners LLC increased its stake in Rivian Automotive by 1,882.0% in the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker’s stock valued at $25,000 after acquiring an additional 1,882 shares during the period. Banque Transatlantique SA raised its position in Rivian Automotive by 13,194.1% in the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 2,243 shares in the last quarter. Bank of Jackson Hole Trust bought a new position in Rivian Automotive during the fourth quarter worth about $27,000. Finally, Orion Capital Management LLC bought a new position in Rivian Automotive during the fourth quarter worth about $34,000. 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.