Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.7% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was down 1.7% during trading on Tuesday . The company traded as low as $13.83 and last traded at $14.20. Approximately 13,691,151 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 39,930,016 shares. The stock had previously closed at $14.45.

Analysts Set New Price Targets

A number of equities analysts recently commented on RIVN shares. Robert W. Baird decreased their price target on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. Truist Financial cut their target price on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $14.00 target price on shares of Rivian Automotive in a report on Tuesday, September 10th. Barclays cut their target price on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Finally, Wells Fargo & Company cut their target price on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $15.83.

Rivian Automotive Price Performance

The company has a market cap of $14.52 billion, a P/E ratio of -2.54 and a beta of 2.12. The company has a fifty day simple moving average of $10.80 and a 200-day simple moving average of $12.58. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $12,127,675.68. The trade was a 8.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the sale, the chief financial officer now directly owns 378,498 shares in the company, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 261,307 shares of company stock valued at $3,178,479 in the last three months. 2.51% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently modified their holdings of the stock. Tidal Investments LLC increased its stake in shares of Rivian Automotive by 28.8% in the third quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker’s stock worth $3,018,000 after acquiring an additional 60,205 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive in the third quarter worth $28,000. World Investment Advisors LLC increased its stake in shares of Rivian Automotive by 8.6% in the third quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock worth $204,000 after acquiring an additional 1,446 shares during the last quarter. Sanctuary Advisors LLC increased its stake in shares of Rivian Automotive by 9.0% in the third quarter. Sanctuary Advisors LLC now owns 44,675 shares of the electric vehicle automaker’s stock worth $457,000 after acquiring an additional 3,681 shares during the last quarter. Finally, Virtu Financial LLC bought a new stake in Rivian Automotive in the third quarter worth $4,184,000. 66.25% of the stock is owned by institutional investors and hedge funds.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.