Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.1% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded down 1.1% during trading on Monday . The stock traded as low as $15.74 and last traded at $15.86. 16,649,142 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 29,716,238 shares. The stock had previously closed at $16.03.

Analyst Upgrades and Downgrades

RIVN has been the topic of a number of research analyst reports. Piper Sandler upgraded Rivian Automotive from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $18.00 to $20.00 in a report on Monday, July 27th. Weiss Ratings upgraded Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, July 6th. TD Cowen lifted their target price on shares of Rivian Automotive from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Cantor Fitzgerald restated a “neutral” rating and set a $19.00 target price on shares of Rivian Automotive in a report on Tuesday, July 28th. Finally, Wells Fargo & Company raised their price objective on Rivian Automotive from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Friday, July 31st. Twelve equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and seven have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $19.00.

Rivian Automotive Price Performance

The company has a market cap of $22.50 billion, a P/E ratio of -6.02 and a beta of 1.62. The stock has a 50-day simple moving average of $16.29 and a 200 day simple moving average of $15.91. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.65 and a current ratio of 2.10.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.03. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The company had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the business earned ($0.97) earnings per share. The company’s quarterly revenue was up 27.2% on a year-over-year basis. On average, equities analysts expect that Rivian Automotive, Inc. will post -2.98 EPS for the current year.

Insider Activity

In related news, CFO Claire McDonough sold 8,023 shares of Rivian Automotive stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $16.00, for a total value of $128,368.00. Following the completion of the sale, the chief financial officer directly owned 819,178 shares in the company, valued at $13,106,848. This trade represents a 0.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael John Callahan sold 15,000 shares of Rivian Automotive stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $16.29, for a total transaction of $244,350.00. Following the sale, the insider owned 1,016,776 shares of the company’s stock, valued at approximately $16,563,281.04. This represents a 1.45% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 56,167 shares of company stock valued at $963,306 over the last three months. 1.48% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently bought and sold shares of the company. Reynders McVeigh Capital Management LLC lifted its stake in Rivian Automotive by 6.8% in the second quarter. Reynders McVeigh Capital Management LLC now owns 15,767 shares of the electric vehicle automaker’s stock valued at $274,000 after buying an additional 1,000 shares in the last quarter. Tidal Investments LLC raised its holdings in shares of Rivian Automotive by 2.3% during the second quarter. Tidal Investments LLC now owns 292,956 shares of the electric vehicle automaker’s stock worth $5,083,000 after acquiring an additional 6,566 shares during the period. MCF Advisors LLC raised its holdings in shares of Rivian Automotive by 3,500.0% during the second quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker’s stock worth $31,000 after acquiring an additional 1,750 shares during the period. National Pension Service bought a new stake in Rivian Automotive in the 2nd quarter valued at $790,000. Finally, Integrated Wealth Concepts LLC boosted its stake in Rivian Automotive by 21.4% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 33,437 shares of the electric vehicle automaker’s stock worth $580,000 after purchasing an additional 5,896 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Company Profile

Rivian Automotive, Inc designs, develops and manufactures electric vehicles and related technology. Its consumer vehicle lineup includes the R1T electric pickup truck and R1S electric SUV, which are designed for on-road and off-road use. The company also develops charging solutions, vehicle software and connected services intended to support the ownership and operation of its electric vehicles.

Rivian produces electric commercial vans for delivery and fleet applications, including vehicles developed through its relationship with Amazon.