Rivian Automotive (NASDAQ:RIVN) Shares Down 3.9% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price dropped 3.9% on Monday . The stock traded as low as $13.89 and last traded at $13.97. 9,063,871 shares were traded during trading, a decline of 75% from the average session volume of 36,199,124 shares. The stock had previously closed at $14.53.

Analysts Set New Price Targets

Several research analysts recently weighed in on RIVN shares. Wells Fargo & Company cut their price target on shares of Rivian Automotive from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 7th. Cantor Fitzgerald reissued a “neutral” rating and issued a $15.00 price target on shares of Rivian Automotive in a research note on Wednesday, May 7th. Guggenheim reaffirmed a “buy” rating and set a $16.00 price objective on shares of Rivian Automotive in a report on Tuesday, May 6th. Benchmark restated a “buy” rating and set a $18.00 price target on shares of Rivian Automotive in a research report on Tuesday, March 18th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $16.00 target price on shares of Rivian Automotive in a research note on Wednesday, May 14th. Three research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $14.33.

Rivian Automotive Stock Down 2.2%

The company has a market cap of $15.90 billion, a price-to-earnings ratio of -3.01 and a beta of 1.86. The firm’s fifty day moving average price is $13.33 and its 200-day moving average price is $12.93. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

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

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 107,144 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $15.25, for a total value of $1,633,946.00. Following the transaction, the chief executive officer now owns 1,483,111 shares of the company’s stock, valued at approximately $22,617,442.75. This trade represents a 6.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 9,937 shares of Rivian Automotive stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $15.00, for a total value of $149,055.00. Following the completion of the transaction, the chief financial officer now owns 851,637 shares of the company’s stock, valued at approximately $12,774,555. This represents a 1.15% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 384,265 shares of company stock valued at $5,201,750. Corporate insiders own 2.16% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Brighton Jones LLC increased its stake in shares of Rivian Automotive by 28.0% in the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after acquiring an additional 3,864 shares during the last quarter. Blue Trust Inc. increased its stake in Rivian Automotive by 68.6% in the fourth quarter. Blue Trust Inc. now owns 7,640 shares of the electric vehicle automaker’s stock valued at $102,000 after purchasing an additional 3,109 shares during the period. Caprock Group LLC purchased a new stake in shares of Rivian Automotive during the fourth quarter worth approximately $141,000. U.S. Capital Wealth Advisors LLC raised its holdings in Rivian Automotive by 33.8% during the fourth quarter. U.S. Capital Wealth Advisors LLC now owns 21,994 shares of the electric vehicle automaker’s stock worth $293,000 after purchasing an additional 5,555 shares in the last quarter. Finally, Sloy Dahl & Holst LLC lifted its holdings in Rivian Automotive by 4.7% in the fourth quarter. Sloy Dahl & Holst LLC now owns 43,171 shares of the electric vehicle automaker’s stock valued at $574,000 after acquiring an additional 1,920 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

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.