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

Rivian Automotive, Inc. (NASDAQ:RIVN) fell 3.1% on Tuesday . The stock traded as low as $15.86 and last traded at $16.16. 29,731,935 shares were traded during mid-day trading, a decline of 14% from the average session volume of 34,394,605 shares. The stock had previously closed at $16.67.

Analysts Set New Price Targets

Several equities analysts recently issued reports on RIVN shares. DA Davidson upped their price objective on Rivian Automotive from $13.00 to $15.00 and gave the company a “neutral” rating in a research report on Tuesday, November 11th. Needham & Company LLC boosted their price objective on Rivian Automotive from $14.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. The Goldman Sachs Group lifted their price target on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. Stifel Nicolaus upped their price target on Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. Finally, Wall Street Zen raised Rivian Automotive from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eleven have assigned a Hold rating and eight have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $16.13.

Rivian Automotive Price Performance

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 stock has a market capitalization of $19.81 billion, a PE ratio of -5.20 and a beta of 1.77. The company’s 50 day simple moving average is $18.02 and its 200 day simple moving average is $15.10.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share 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 period in the prior year, the firm earned ($1.08) earnings per share. The business’s quarterly revenue was up 78.3% compared to the same quarter last year. On average, equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 8,039 shares of the business’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $18.00, for a total value of $144,702.00. Following the sale, the chief financial officer owned 730,017 shares of the company’s stock, valued at approximately $13,140,306. The trade was a 1.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $19.55, for a total value of $341,147.50. Following the transaction, the chief executive officer directly owned 1,132,659 shares in the company, valued at $22,143,483.45. The trade was a 1.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 155,054 shares of company stock valued at $2,733,010 over the last 90 days. 2.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC grew its holdings in shares of Rivian Automotive by 29.7% in the 4th quarter. Signaturefd LLC now owns 19,193 shares of the electric vehicle automaker’s stock valued at $378,000 after buying an additional 4,392 shares during the period. Perpetual Ltd acquired a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $377,000. SOA Wealth Advisors LLC. increased its holdings in shares of Rivian Automotive by 894.2% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock worth $31,000 after acquiring an additional 1,395 shares during the last quarter. SteelPeak Wealth LLC lifted its holdings in shares of Rivian Automotive by 69.4% during the fourth quarter. SteelPeak Wealth LLC now owns 24,549 shares of the electric vehicle automaker’s stock worth $484,000 after buying an additional 10,055 shares in the last quarter. Finally, Perigon Wealth Management LLC increased its position in shares of Rivian Automotive by 135.6% in the fourth quarter. Perigon Wealth Management LLC now owns 35,145 shares of the electric vehicle automaker’s stock worth $693,000 after purchasing an additional 20,228 shares during the period. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.