Rivian Automotive (NASDAQ:RIVN) Shares Down 6.3% – Should You Sell?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) fell 6.3% during mid-day trading on Tuesday . The stock traded as low as $12.99 and last traded at $13.32. 21,947,669 shares traded hands during mid-day trading, a decline of 49% from the average session volume of 42,941,668 shares. The stock had previously closed at $14.21.

Wall Street Analyst Weigh In

Several research firms have commented on RIVN. JPMorgan Chase & Co. lowered their target price on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 22nd. Piper Sandler reduced their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, November 8th. Morgan Stanley downgraded Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. Royal Bank of Canada reduced their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Finally, UBS Group raised their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $15.52.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The firm has a market cap of $12.75 billion, a P/E ratio of -2.23 and a beta of 2.05. The stock’s 50 day moving average is $13.09 and its two-hundred day moving average is $13.03.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 8,097 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total value of $98,783.40. Following the sale, the chief financial officer now directly owns 370,401 shares in the company, valued at $4,518,892.20. The trade was a 2.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 363,142 shares of company stock valued at $4,958,860. 2.51% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently added to or reduced their stakes in the stock. Austin Private Wealth LLC boosted its holdings in Rivian Automotive by 44.9% during the fourth quarter. Austin Private Wealth LLC now owns 19,453 shares of the electric vehicle automaker’s stock valued at $259,000 after purchasing an additional 6,029 shares in the last quarter. Caprock Group LLC acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $141,000. SOL Capital Management CO boosted its holdings in shares of Rivian Automotive by 77.5% in the 4th quarter. SOL Capital Management CO now owns 151,629 shares of the electric vehicle automaker’s stock worth $2,017,000 after acquiring an additional 66,225 shares in the last quarter. Swedbank AB boosted its holdings in shares of Rivian Automotive by 5.6% in the 4th quarter. Swedbank AB now owns 502,644 shares of the electric vehicle automaker’s stock worth $6,685,000 after acquiring an additional 26,474 shares in the last quarter. Finally, R Squared Ltd acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $53,000. 66.25% of the stock is owned by institutional investors and hedge funds.

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.