Rivian Automotive (NASDAQ:RIVN) Shares Down 3.8% – Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVNGet Free Report)’s stock price traded down 3.8% during trading on Friday . The company traded as low as $15.68 and last traded at $15.84. 27,336,352 shares changed hands during trading, a decline of 14% from the average session volume of 31,762,771 shares. The stock had previously closed at $16.46.

Rivian Automotive News Roundup

Here are the key news stories impacting Rivian Automotive this week:

Wall Street Analyst Weigh In

RIVN has been the subject of several research reports. BNP Paribas Exane lifted their target price on Rivian Automotive from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 8th. Needham & Company LLC restated a “buy” rating and set a $23.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 10th. DA Davidson raised their price objective on Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th. Benchmark reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Rivian Automotive in a report on Friday, May 1st. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Rivian Automotive in a research note on Monday, June 15th. Twelve research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and six have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $18.86.

Check Out Our Latest Research Report on Rivian Automotive

Rivian Automotive Stock Performance

The company has a market capitalization of $21.56 billion, a price-to-earnings ratio of -5.42 and a beta of 1.60. The stock has a 50 day simple moving average of $16.32 and a 200 day simple moving average of $16.00. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last announced its quarterly earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.05. The business had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The business’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.48) EPS. As a group, analysts anticipate that Rivian Automotive, Inc. will post -3.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, Director Karen Boone sold 20,000 shares of the firm’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $20.00, for a total value of $400,000.00. Following the sale, the director directly owned 110,000 shares in the company, valued at approximately $2,200,000. This trade represents a 15.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the business’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the transaction, the chief financial officer directly owned 887,007 shares of the company’s stock, valued at approximately $14,192,112. This trade represents a 0.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 68,385 shares of company stock worth $1,125,094 in the last three months. 1.48% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

A number of large investors have recently modified their holdings of the company. Handelsbanken Fonder AB boosted its stake in Rivian Automotive by 2.1% during the 2nd quarter. Handelsbanken Fonder AB now owns 270,800 shares of the electric vehicle automaker’s stock valued at $4,698,000 after purchasing an additional 5,600 shares during the period. Valeo Financial Advisors LLC increased its stake in shares of Rivian Automotive by 6.8% in the second quarter. Valeo Financial Advisors LLC now owns 25,887 shares of the electric vehicle automaker’s stock valued at $449,000 after purchasing an additional 1,642 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of Rivian Automotive by 2.0% during the second quarter. Assenagon Asset Management S.A. now owns 56,758 shares of the electric vehicle automaker’s stock valued at $985,000 after buying an additional 1,134 shares during the last quarter. Western Wealth Management LLC bought a new stake in shares of Rivian Automotive during the first quarter valued at approximately $179,000. Finally, Rathbones Group PLC acquired a new position in shares of Rivian Automotive during the first quarter worth approximately $237,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

(Get Free Report)

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.

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