Rivian Automotive (NASDAQ:RIVN) Trading Down 9.8% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 9.8% on Friday . The stock traded as low as $16.24 and last traded at $16.35. 35,625,004 shares were traded during trading, an increase of 18% from the average session volume of 30,148,938 shares. The stock had previously closed at $18.12.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Tigress Financial reaffirmed a “buy” rating and set a $25.00 price objective on shares of Rivian Automotive in a report on Friday, April 10th. UBS Group raised shares of Rivian Automotive from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $15.00 to $16.00 in a report on Friday, February 13th. Bank of America assumed coverage on shares of Rivian Automotive in a report on Wednesday, March 4th. They set an “underperform” rating and a $14.00 price objective for the company. Stifel Nicolaus raised their price objective on shares of Rivian Automotive from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, February 17th. Finally, Cantor Fitzgerald raised their price target on shares of Rivian Automotive from $18.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Twelve research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $18.57.

Rivian Automotive Trading Down 9.8%

The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00. The firm has a market cap of $20.29 billion, a price-to-earnings ratio of -5.60 and a beta of 1.62. The business’s fifty day moving average is $15.43 and its two-hundred day moving average is $16.33.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 34,818 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer owned 922,286 shares of the company’s stock, valued at $13,834,290. This trade represents a 3.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the firm’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 transaction of $128,368.00. Following the completion of the sale, the chief financial officer directly owned 887,007 shares of the company’s stock, valued at approximately $14,192,112. This represents a 0.90% decrease in their position. 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. In the last three months, insiders sold 117,790 shares of company stock valued at $1,832,466. 1.48% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC increased its position in Rivian Automotive by 4.0% during the 1st quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker’s stock worth $242,000 after purchasing an additional 613 shares in the last quarter. Illinois Municipal Retirement Fund increased its position in Rivian Automotive by 1.6% during the 4th quarter. Illinois Municipal Retirement Fund now owns 43,282 shares of the electric vehicle automaker’s stock worth $853,000 after purchasing an additional 686 shares in the last quarter. Merit Financial Group LLC increased its position in Rivian Automotive by 3.2% during the 4th quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker’s stock worth $456,000 after purchasing an additional 718 shares in the last quarter. Geneos Wealth Management Inc. increased its position in Rivian Automotive by 36.5% during the 4th quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker’s stock worth $54,000 after purchasing an additional 739 shares in the last quarter. Finally, Utah Retirement Systems increased its position in Rivian Automotive by 0.6% during the 4th quarter. Utah Retirement Systems now owns 128,500 shares of the electric vehicle automaker’s stock worth $2,533,000 after purchasing an additional 744 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.