Rivian Automotive (NASDAQ:RIVN) Trading Down 0.1% – Should You Sell?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) fell 0.1% during mid-day trading on Wednesday . The company traded as low as $12.73 and last traded at $12.86. 5,036,912 shares traded hands during trading, a decline of 86% from the average session volume of 35,135,016 shares. The stock had previously closed at $12.87.

Analysts Set New Price Targets

A number of research analysts have issued reports on RIVN shares. Benchmark initiated coverage on Rivian Automotive in a report on Monday, December 9th. They set a “buy” rating and a $18.00 price objective for the company. Piper Sandler reduced their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. UBS Group upped their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Thursday, January 16th. Stifel Nicolaus reduced their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, November 11th. Finally, Needham & Company LLC dropped their price target on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and an average price target of $15.13.

Rivian Automotive Stock Down 0.7 %

The stock has a fifty day moving average of $13.48 and a two-hundred day moving average of $12.74. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock has a market cap of $13.05 billion, a price-to-earnings ratio of -2.28 and a beta of 2.04.

Insider Activity

In related news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the transaction, the chief financial officer now owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $11,879,847.36. The trade was a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 363,142 shares of company stock worth $4,958,860 over the last ninety days. Corporate insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Baillie Gifford & Co. lifted its holdings in shares of Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after acquiring an additional 17,341,786 shares during the last quarter. Geode Capital Management LLC lifted its position in Rivian Automotive by 1.8% during the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock valued at $145,550,000 after buying an additional 223,860 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Rivian Automotive by 79.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after acquiring an additional 2,035,831 shares during the period. abrdn plc increased its stake in Rivian Automotive by 17.8% in the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock worth $38,587,000 after buying an additional 518,561 shares in the last quarter. Finally, Swiss National Bank grew its holdings in Rivian Automotive by 2.1% during the 3rd quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker’s stock valued at $24,665,000 after buying an additional 45,200 shares in the last quarter. 66.25% of the stock is owned by institutional investors.

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.