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

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

Wall Street Analyst Weigh In

Several research analysts recently weighed in on RIVN shares. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $22.00 target price on shares of Rivian Automotive in a report on Monday, April 6th. Benchmark reissued a “buy” rating and set a $25.00 price target on shares of Rivian Automotive in a report on Friday, May 1st. Cantor Fitzgerald restated a “neutral” rating on shares of Rivian Automotive in a research report on Monday, June 15th. Leerink Partners reaffirmed an “outperform” rating on shares of Rivian Automotive in a research note on Thursday, March 12th. Finally, BNP Paribas Exane reiterated an “outperform” rating and set a $22.00 target price (down from $23.00) on shares of Rivian Automotive in a research report on Friday, May 1st. Twelve investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $18.57.

Rivian Automotive Stock Performance

The company has a market capitalization of $18.14 billion, a P/E ratio of -5.01 and a beta of 1.62. The business has a 50 day moving average of $15.66 and a 200 day moving average of $16.34. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,818 shares of Rivian Automotive stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total value of $522,270.00. Following the completion of the transaction, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at $13,834,290. This trade represents a 3.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of Rivian Automotive stock in a transaction on Friday, May 29th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the transaction, the chief financial officer directly owned 887,007 shares of the company’s stock, valued at $14,192,112. The trade was a 0.90% decrease in their ownership of the stock. 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. Insiders sold 100,340 shares of company stock worth $1,560,246 in the last 90 days. 1.48% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Core Wealth Advisors LLC bought a new stake in Rivian Automotive during the fourth quarter worth approximately $27,000. SOA Wealth Advisors LLC. lifted its stake in shares of Rivian Automotive by 894.2% in the 4th quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after purchasing an additional 1,395 shares during the last quarter. Zions Bancorporation National Association UT bought a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $33,000. Glass Jacobson Investment Advisors llc boosted its holdings in shares of Rivian Automotive by 96.3% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock worth $34,000 after purchasing an additional 852 shares during the period. Finally, Newbridge Financial Services Group Inc. boosted its holdings in shares of Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 1,000 shares during the period. Institutional investors own 66.25% of the company’s stock.

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.