Rivian Automotive (NASDAQ:RIVN) Shares Down 3.1% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 3.1% during mid-day trading on Thursday . The stock traded as low as $10.74 and last traded at $10.72. Approximately 6,672,930 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 37,187,404 shares. The stock had previously closed at $11.06.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Cowen began coverage on shares of Rivian Automotive in a report on Thursday, March 6th. They set a “hold” rating on the stock. Barclays increased their target price on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 22nd. Bank of America cut Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. Cantor Fitzgerald cut Rivian Automotive from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $13.00 to $15.00 in a research report on Friday, February 21st. Finally, TD Cowen initiated coverage on Rivian Automotive in a report on Friday, March 7th. They issued a “hold” rating and a $12.70 price objective for the company. Three investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $14.73.

Rivian Automotive Stock Up 1.3 %

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 capitalization of $12.16 billion, a PE ratio of -2.28 and a beta of 2.03. The company has a fifty day moving average price of $12.86 and a 200-day moving average price of $12.30.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion during 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, analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 18,501 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $15.00, for a total value of $277,515.00. Following the completion of the transaction, the chief financial officer now directly owns 351,900 shares of the company’s stock, valued at approximately $5,278,500. The trade was a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 203,928 shares of company stock valued at $3,013,134. Company insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently modified their holdings of the business. Tandem Financial LLC acquired a new stake in Rivian Automotive in the fourth quarter valued at approximately $25,000. Bank of Jackson Hole Trust acquired a new stake in Rivian Automotive in the 4th quarter valued at $27,000. Wilmington Savings Fund Society FSB acquired a new position in Rivian Automotive during the third quarter worth $28,000. Hantz Financial Services Inc. lifted its stake in Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after buying an additional 2,900 shares in the last quarter. Finally, Orion Capital Management LLC acquired a new position in Rivian Automotive during the fourth quarter worth $34,000. 66.25% of the stock is currently 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.