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

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

Analyst Upgrades and Downgrades

RIVN has been the subject of several research reports. Mizuho cut their price objective on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Wedbush reissued an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a report on Friday, November 8th. Benchmark initiated coverage on Rivian Automotive in a report on Monday, December 9th. They set a “buy” rating and a $18.00 target price for the company. Royal Bank of Canada reduced their target price on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Finally, Bank of America cut Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their target price for the company from $20.00 to $13.00 in a report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $15.13.

Rivian Automotive Stock Performance

The firm has a 50 day simple moving average of $13.59 and a 200-day simple moving average of $12.52. 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 company has a market cap of $14.40 billion, a price-to-earnings ratio of -2.52 and a beta of 2.04.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 35,713 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 8,097 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the transaction, the chief financial officer now owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. This represents a 2.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 359,932 shares of company stock valued at $4,926,664 over the last quarter. 2.51% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RIVN. Baillie Gifford & Co. boosted its position in shares of Rivian Automotive by 52.5% during the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after buying an additional 17,341,786 shares during the period. Capital International Investors purchased a new position in shares of Rivian Automotive during the fourth quarter worth $144,030,000. Norges Bank purchased a new position in shares of Rivian Automotive during the fourth quarter worth $123,308,000. Northern Trust Corp boosted its holdings in Rivian Automotive by 68.5% in the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after purchasing an additional 2,941,928 shares during the period. Finally, Twinbeech Capital LP purchased a new position in Rivian Automotive in the fourth quarter valued at $29,944,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.