Rivian Automotive (NASDAQ:RIVN) Trading Down 2.6% – Should You Sell?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) fell 2.6% on Wednesday . The company traded as low as $15.86 and last traded at $15.93. Approximately 14,360,021 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 30,990,492 shares. The stock had previously closed at $16.36.

Wall Street Analyst Weigh In

RIVN has been the subject of several recent research reports. UBS Group upped their price target on Rivian Automotive from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Cantor Fitzgerald restated a “neutral” rating and set a $19.00 price objective on shares of Rivian Automotive in a research note on Tuesday, July 28th. Wall Street Zen raised shares of Rivian Automotive from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Wells Fargo & Company upped their target price on shares of Rivian Automotive from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Friday, July 31st. Finally, Royal Bank Of Canada increased their target price on shares of Rivian Automotive from $14.00 to $16.00 and gave the company a “sector perform” rating in a report on Friday, July 31st. Twelve analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and seven have issued a Sell rating to the stock. According to data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and an average price target of $18.95.

Rivian Automotive Stock Performance

The firm has a market cap of $22.48 billion, a PE ratio of -6.02 and a beta of 1.61. The company has a quick ratio of 1.65, a current ratio of 2.10 and a debt-to-equity ratio of 0.87. The company has a 50-day simple moving average of $16.52 and a two-hundred day simple moving average of $15.80.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 8,023 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the transaction, the chief financial officer owned 887,007 shares in the company, valued at approximately $14,192,112. This represents a 0.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 20,000 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $20.00, for a total transaction of $400,000.00. Following the sale, the director owned 110,000 shares of the company’s stock, valued at $2,200,000. This trade represents a 15.38% 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 have sold 68,385 shares of company stock worth $1,125,094 in the last ninety days. Company insiders own 1.48% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Capital International Investors raised its holdings in shares of Rivian Automotive by 13.2% in the 4th quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock worth $409,374,000 after purchasing an additional 2,418,717 shares during the period. Renaissance Technologies LLC grew its holdings in Rivian Automotive by 32.4% during the fourth quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock valued at $323,195,000 after purchasing an additional 4,012,386 shares during the period. Geode Capital Management LLC grew its holdings in Rivian Automotive by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 14,782,865 shares of the electric vehicle automaker’s stock valued at $290,568,000 after purchasing an additional 59,503 shares during the period. Norges Bank bought a new position in Rivian Automotive during the fourth quarter valued at $220,323,000. Finally, Soma Equity Partners LP increased its position in Rivian Automotive by 9.9% in the third quarter. Soma Equity Partners LP now owns 9,204,745 shares of the electric vehicle automaker’s stock worth $135,126,000 after buying an additional 829,782 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

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.