Rivian Automotive (NASDAQ:RIVN) Shares Down 1.8% – Time to Sell?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 1.8% on Wednesday . The company traded as low as $14.36 and last traded at $14.6210. Approximately 22,861,461 shares were traded during mid-day trading, a decline of 24% from the average session volume of 29,921,373 shares. The stock had previously closed at $14.89.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. BNP Paribas Exane reaffirmed an “outperform” rating and set a $22.00 price objective (down from $23.00) on shares of Rivian Automotive in a research note on Friday, May 1st. Jefferies Financial Group restated a “hold” rating and set a $15.00 target price on shares of Rivian Automotive in a report on Tuesday, March 3rd. Tigress Financial restated a “buy” rating and set a $25.00 target price on shares of Rivian Automotive in a research report on Friday, April 10th. Weiss Ratings cut Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 18th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $22.00 price target on shares of Rivian Automotive in a research report on Monday, April 6th. Twelve equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $18.57.

Rivian Automotive Price Performance

The firm has a market cap of $18.14 billion, a price-to-earnings ratio of -5.01 and a beta of 1.62. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00. The company has a 50 day moving average of $15.66 and a 200 day moving average of $16.34.

Insider Activity

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Capital International Investors increased its position in shares of Rivian Automotive by 13.2% during the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock worth $409,374,000 after acquiring an additional 2,418,717 shares in the last quarter. Renaissance Technologies LLC lifted its position in Rivian Automotive by 32.4% in the 4th quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock valued at $323,195,000 after acquiring an additional 4,012,386 shares in the last quarter. Geode Capital Management LLC boosted its stake in Rivian Automotive by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 14,782,865 shares of the electric vehicle automaker’s stock worth $290,568,000 after purchasing an additional 59,503 shares during the period. Norges Bank acquired a new position in Rivian Automotive in the 4th quarter worth $220,323,000. Finally, Soma Equity Partners LP boosted its stake in Rivian Automotive by 9.9% in the 3rd quarter. Soma Equity Partners LP now owns 9,204,745 shares of the electric vehicle automaker’s stock worth $135,126,000 after purchasing an additional 829,782 shares during the period. Institutional investors and hedge funds 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.