Rivian Automotive (NASDAQ:RIVN) Shares Down 4% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price fell 4% during mid-day trading on Friday . The stock traded as low as $12.35 and last traded at $12.50. 16,157,142 shares were traded during mid-day trading, a decline of 56% from the average session volume of 36,873,636 shares. The stock had previously closed at $13.02.

Analysts Set New Price Targets

Several equities research analysts have commented on RIVN shares. Mizuho decreased their target price on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, March 17th. Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price objective on the stock. Cantor Fitzgerald lowered shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and upped their target price for the stock from $13.00 to $15.00 in a research report on Friday, February 21st. Wells Fargo & Company boosted their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Friday, February 21st. Finally, Baird R W downgraded Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $14.38.

Rivian Automotive Stock Down 4.7 %

The firm’s 50 day moving average is $12.26 and its 200-day moving average is $12.13. The firm has a market cap of $14.03 billion, a PE ratio of -2.63 and a beta of 2.03. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, equities research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $11.82, for a total transaction of $844,290.78. Following the completion of the sale, the chief executive officer now owns 853,011 shares of the company’s stock, valued at approximately $10,082,590.02. The trade was a 7.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 185,427 shares of company stock valued at $2,588,475. Insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently added to or reduced their stakes in RIVN. Lansforsakringar Fondforvaltning AB publ purchased a new position in shares of Rivian Automotive in the 4th quarter worth about $3,198,000. PKO Investment Management Joint Stock Co purchased a new position in Rivian Automotive in the fourth quarter valued at approximately $479,000. Siemens Fonds Invest GmbH acquired a new position in Rivian Automotive during the fourth quarter valued at approximately $145,000. Gould Capital LLC grew its stake in Rivian Automotive by 87.6% during the fourth quarter. Gould Capital LLC now owns 7,025 shares of the electric vehicle automaker’s stock worth $93,000 after buying an additional 3,280 shares during the period. Finally, Parr Mcknight Wealth Management Group LLC acquired a new stake in shares of Rivian Automotive in the fourth quarter worth $206,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.