Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.8% – Should You Sell?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were down 1.8% during trading on Wednesday . The company traded as low as $15.50 and last traded at $15.53. Approximately 16,864,501 shares were traded during mid-day trading, a decline of 44% from the average daily volume of 30,331,170 shares. The stock had previously closed at $15.82.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rivian Automotive in a report on Thursday, January 22nd. Piper Sandler dropped their target price on Rivian Automotive from $20.00 to $18.00 and set a “neutral” rating for the company in a report on Friday, February 13th. Bank of America began coverage on Rivian Automotive in a research note on Wednesday, March 4th. They issued an “underperform” rating and a $14.00 price target on the stock. Wolfe Research lowered shares of Rivian Automotive from a “peer perform” rating to an “underperform” rating in a report on Monday, January 12th. Finally, Wells Fargo & Company boosted their price target on Rivian Automotive from $12.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, February 13th. Eleven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $18.00.

Rivian Automotive Stock Down 1.8%

The company’s fifty day simple moving average is $15.95 and its 200 day simple moving average is $15.82. The company has a quick ratio of 1.89, a current ratio of 2.33 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $19.27 billion, a PE ratio of -5.06 and a beta of 1.75.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.66) earnings per share for the quarter, topping the consensus estimate of ($0.68) by $0.02. The company had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative return on equity of 65.05% and a negative net margin of 67.68%.The firm’s revenue for the quarter was down 25.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.70) earnings per share. Analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 17,450 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $15.00, for a total transaction of $261,750.00. Following the completion of the transaction, the chief executive officer owned 1,027,281 shares of the company’s stock, valued at $15,409,215. This trade represents a 1.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 27,133 shares of Rivian Automotive stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total transaction of $455,834.40. Following the completion of the transaction, the chief financial officer directly owned 680,836 shares of the company’s stock, valued at $11,438,044.80. This trade represents a 3.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 131,833 shares of company stock worth $2,298,729. Insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors have recently modified their holdings of the business. Newbridge Financial Services Group Inc. raised its holdings in shares of Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 1,000 shares during the last quarter. Core Wealth Advisors LLC bought a new position in Rivian Automotive in the 4th quarter worth $27,000. Mather Group LLC. purchased a new stake in Rivian Automotive in the 3rd quarter worth $30,000. Hemington Wealth Management raised its holdings in Rivian Automotive by 291.0% during the third quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker’s stock valued at $31,000 after acquiring an additional 1,580 shares during the period. Finally, SOA Wealth Advisors LLC. raised its holdings in Rivian Automotive by 894.2% during the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after acquiring an additional 1,395 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.