Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.8% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price fell 2.8% during mid-day trading on Friday . The company traded as low as $14.50 and last traded at $14.75. 24,019,637 shares traded hands during trading, a decline of 18% from the average session volume of 29,137,729 shares. The stock had previously closed at $15.17.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on RIVN. JPMorgan Chase & Co. raised their target price on Rivian Automotive from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Monday, October 20th. The Goldman Sachs Group lifted their price objective on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Robert W. Baird upgraded shares of Rivian Automotive from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $14.00 to $25.00 in a research report on Thursday, December 18th. Piper Sandler lifted their price target on Rivian Automotive from $14.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, January 8th. Finally, Wedbush boosted their price objective on Rivian Automotive from $16.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday, December 19th. Eight research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and seven have issued a Sell rating to the company’s stock. According to data from MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and an average price target of $16.74.

Rivian Automotive Trading Down 2.8%

The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87. The firm has a 50-day moving average price of $18.06 and a 200-day moving average price of $15.20. The company has a market capitalization of $18.08 billion, a price-to-earnings ratio of -4.74 and a beta of 1.77.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.71) by $0.06. The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The company’s quarterly revenue was up 78.3% on a year-over-year basis. During the same quarter last year, the business posted ($1.08) earnings per share. As a group, sell-side analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 21,210 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $17.14, for a total value of $363,539.40. Following the transaction, the chief financial officer owned 738,056 shares in the company, valued at approximately $12,650,279.84. The trade was a 2.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Peter Krawiec sold 3,655 shares of the company’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $19.45, for a total value of $71,089.75. Following the completion of the transaction, the director directly owned 29,122 shares in the company, valued at $566,422.90. This represents a 11.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 172,504 shares of company stock valued at $3,012,734 in the last quarter. Insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently modified their holdings of the stock. Assetmark Inc. boosted its position in shares of Rivian Automotive by 315.6% in the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 1,357 shares during the period. 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 acquiring an additional 1,000 shares during the period. Mather Group LLC. acquired a new stake in shares of Rivian Automotive in the third quarter worth $30,000. Fairman Group LLC acquired a new stake in Rivian Automotive during the 2nd quarter worth about $31,000. Finally, Hemington Wealth Management increased its stake in Rivian Automotive by 291.0% in the 3rd quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker’s stock valued at $31,000 after buying an additional 1,580 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.