Rivian Automotive (NASDAQ:RIVN) Trading Down 2% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price fell 2% during mid-day trading on Wednesday . The stock traded as low as $13.88 and last traded at $14.15. 9,675,820 shares were traded during trading, a decline of 70% from the average session volume of 32,335,037 shares. The stock had previously closed at $14.44.

Wall Street Analyst Weigh In

Several research firms have commented on RIVN. Mizuho decreased their price target on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Needham & Company LLC decreased their price target on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Bank of America lowered shares of Rivian Automotive from a “buy” rating to a “neutral” rating and decreased their price target for the company from $20.00 to $13.00 in a research report on Friday, November 8th. Truist Financial increased their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $13.00 price target on shares of Rivian Automotive in a research report on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and a consensus target price of $15.13.

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm has a market cap of $14.40 billion, a PE ratio of -2.52 and a beta of 2.04. The stock has a 50 day simple moving average of $13.59 and a two-hundred day simple moving average of $12.52.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $9,712,811.25. The trade was a 8.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 18,501 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.00, for a total transaction of $277,515.00. Following the completion of the transaction, the chief financial officer now owns 351,900 shares of the company’s stock, valued at approximately $5,278,500. This represents a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 359,932 shares of company stock worth $4,926,664. 2.51% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently modified their holdings of the business. Parr Mcknight Wealth Management Group LLC purchased a new position in Rivian Automotive during the fourth quarter worth approximately $206,000. Neo Ivy Capital Management lifted its position in shares of Rivian Automotive by 23.8% during the 4th quarter. Neo Ivy Capital Management now owns 157,704 shares of the electric vehicle automaker’s stock valued at $2,097,000 after buying an additional 30,300 shares in the last quarter. Orion Capital Management LLC acquired a new stake in Rivian Automotive in the 4th quarter valued at $34,000. Elequin Capital LP purchased a new stake in Rivian Automotive in the 4th quarter worth $49,000. Finally, Valueworks LLC raised its position in Rivian Automotive by 17.1% during the fourth quarter. Valueworks LLC now owns 1,238,315 shares of the electric vehicle automaker’s stock worth $16,470,000 after acquiring an additional 180,860 shares during the period. 66.25% of the stock is currently 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.