Rivian Automotive (NASDAQ:RIVN) Shares Down 1.2% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 1.2% during trading on Wednesday . The stock traded as low as $17.46 and last traded at $17.50. 47,652,446 shares traded hands during mid-day trading, an increase of 24% from the average session volume of 38,301,617 shares. The stock had previously closed at $17.71.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on RIVN shares. Wall Street Zen upgraded shares of Rivian Automotive from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Cfra Research raised shares of Rivian Automotive to a “moderate sell” rating in a research report on Thursday, October 2nd. JPMorgan Chase & Co. increased their price target on Rivian Automotive from $9.00 to $10.00 and gave the company an “underweight” rating in a report on Monday, October 20th. Canaccord Genuity Group restated a “buy” rating and set a $21.00 price objective on shares of Rivian Automotive in a research note on Friday, October 3rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 target price on shares of Rivian Automotive in a research report on Monday, August 25th. Six equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and six have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $14.34.

Rivian Automotive Stock Down 1.2%

The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $21.45 billion, a price-to-earnings ratio of -5.63 and a beta of 1.79. The stock has a 50 day moving average of $14.76 and a 200 day moving average of $14.01.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of the business’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $15.11, for a total transaction of $263,669.50. Following the completion of the sale, the chief executive officer owned 1,185,009 shares in the company, valued at $17,905,485.99. The trade was a 1.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 8,039 shares of the stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $18.00, for a total transaction of $144,702.00. Following the sale, the chief financial officer directly owned 730,017 shares in the company, valued at $13,140,306. This trade represents a 1.09% 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 $1,885,221 over the last quarter. Company insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently modified their holdings of the business. Norges Bank bought a new stake in shares of Rivian Automotive during the second quarter valued at approximately $105,629,000. Vanguard Group Inc. increased its position in Rivian Automotive by 7.8% in the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock valued at $959,804,000 after acquiring an additional 5,610,688 shares during the period. Nuveen LLC bought a new stake in Rivian Automotive during the 1st quarter valued at $33,582,000. Capital International Investors boosted its position in Rivian Automotive by 13.4% during the 3rd quarter. Capital International Investors now owns 18,351,127 shares of the electric vehicle automaker’s stock worth $269,395,000 after acquiring an additional 2,161,394 shares during the period. Finally, AQR Capital Management LLC boosted its position in Rivian Automotive by 496.6% during the 2nd quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock worth $31,490,000 after acquiring an additional 1,918,852 shares during the period. Institutional investors own 66.25% of the company’s stock.

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.