Rivian Automotive (NASDAQ:RIVN) Shares Down 4.3% – Time to Sell?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 4.3% during trading on Tuesday . The stock traded as low as $17.64 and last traded at $17.90. 43,023,096 shares traded hands during mid-day trading, an increase of 10% from the average session volume of 38,949,105 shares. The stock had previously closed at $18.70.

Analysts Set New Price Targets

A number of equities analysts recently commented on RIVN shares. Mizuho reaffirmed an “underperform” rating and set a $10.00 price target (down from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. Wall Street Zen raised shares of Rivian Automotive from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Tigress Financial lifted their price target on shares of Rivian Automotive from $21.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, November 14th. UBS Group increased their price target on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Monday, October 6th. Finally, Stifel Nicolaus raised their price objective on Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, November 17th. Seven equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat, Rivian Automotive has a consensus rating of “Hold” and an average price target of $14.86.

Rivian Automotive Trading Down 4.3%

The company has a market capitalization of $21.94 billion, a price-to-earnings ratio of -5.76 and a beta of 1.79. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87. The business’s 50 day moving average price is $15.07 and its two-hundred day moving average price is $14.08.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) EPS for the quarter, beating the consensus estimate of ($0.71) by $0.06. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The business had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the prior year, the firm earned ($1.08) EPS. The firm’s revenue was up 78.3% compared to the same quarter last year. On average, equities analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 21,210 shares of the company’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $17.14, for a total value of $363,539.40. Following the completion of the transaction, the chief financial officer owned 738,056 shares of the company’s stock, valued at $12,650,279.84. This represents a 2.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 52,350 shares of the stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total value of $869,010.00. Following the completion of the transaction, the chief executive officer owned 1,246,405 shares of the company’s stock, valued at $20,690,323. This represents a 4.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 116,499 shares of company stock valued at $1,946,819 over the last quarter. 2.16% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the company. Assetmark Inc. boosted its stake in shares of Rivian Automotive by 315.6% in the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 1,357 shares during the last quarter. Newbridge Financial Services Group Inc. raised its stake in Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 1,000 shares during the last quarter. Mather Group LLC. acquired a new position in Rivian Automotive in the third quarter valued at $30,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Rivian Automotive during the 3rd quarter worth about $31,000. Finally, Hemington Wealth Management grew its holdings in Rivian Automotive by 291.0% during the 3rd quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker’s stock worth $31,000 after acquiring an additional 1,580 shares during the period. 66.25% of the stock is currently owned by 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.