Rivian Automotive (NASDAQ:RIVN) Stock Price Down 3.4% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 3.4% during trading on Tuesday . The stock traded as low as $12.65 and last traded at $12.90. Approximately 40,653,607 shares were traded during mid-day trading, an increase of 38% from the average daily volume of 29,353,195 shares. The stock had previously closed at $13.35.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on RIVN. Wall Street Zen raised shares of Rivian Automotive from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Stifel Nicolaus upped their target price on shares of Rivian Automotive from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, February 17th. Cantor Fitzgerald raised their price target on Rivian Automotive from $18.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, May 1st. UBS Group raised Rivian Automotive from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $15.00 to $16.00 in a research note on Friday, February 13th. Finally, Deutsche Bank Aktiengesellschaft raised Rivian Automotive from a “hold” rating to a “buy” rating and lifted their target price for the company from $16.00 to $23.00 in a research note on Friday, February 13th. Twelve analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $18.57.

Rivian Automotive Trading Down 3.4%

The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64. The stock has a 50-day moving average price of $15.51 and a two-hundred day moving average price of $16.29. The stock has a market cap of $16.01 billion, a PE ratio of -4.42 and a beta of 1.64.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 34,900 shares of the business’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total value of $586,320.00. Following the sale, the chief executive officer owned 1,044,731 shares in the company, valued at approximately $17,551,480.80. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 27,133 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total transaction of $455,834.40. Following the completion of the sale, the chief financial officer owned 680,836 shares in the company, valued at approximately $11,438,044.80. This trade represents a 3.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 148,888 shares of company stock valued at $2,411,276. 2.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Newbridge Financial Services Group Inc. grew its holdings in Rivian Automotive by 113.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 1,000 shares during the last quarter. Core Wealth Advisors LLC purchased a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $27,000. SOA Wealth Advisors LLC. boosted its position in shares of Rivian Automotive by 894.2% during the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after buying an additional 1,395 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Rivian Automotive in the third quarter worth approximately $31,000. Finally, Zions Bancorporation National Association UT bought a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $33,000. Institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

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.