Rivian Automotive (NASDAQ:RIVN) Shares Down 1.1% – Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares dropped 1.1% during trading on Friday . The company traded as low as $15.56 and last traded at $15.74. Approximately 13,862,233 shares changed hands during trading, a decline of 54% from the average daily volume of 30,062,254 shares. The stock had previously closed at $15.91.

Analyst Ratings Changes

Several analysts have commented on the stock. Needham & Company LLC reiterated a “buy” rating on shares of Rivian Automotive in a research report on Monday, August 10th. Weiss Ratings raised Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, July 6th. Piper Sandler upgraded Rivian Automotive from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $18.00 to $20.00 in a report on Monday, July 27th. Wells Fargo & Company increased their target price on Rivian Automotive from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Friday, July 31st. Finally, UBS Group boosted their target price on Rivian Automotive from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Twelve equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have issued a Sell rating to the company’s stock. According to data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and an average target price of $19.05.

Rivian Automotive Stock Performance

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 firm has a market capitalization of $22.79 billion, a P/E ratio of -6.10 and a beta of 1.62. The stock has a fifty day moving average of $16.56 and a 200-day moving average of $15.91.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.03. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. The business had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter last year, the firm earned ($0.97) earnings per share. The firm’s revenue for the quarter was up 27.2% compared to the same quarter last year. On average, research analysts anticipate that Rivian Automotive, Inc. will post -2.98 EPS for the current year.

Insider Activity

In related news, CFO Claire McDonough sold 13,144 shares of Rivian Automotive stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total value of $190,588.00. Following the sale, the chief financial officer owned 827,201 shares of the company’s stock, valued at approximately $11,994,414.50. The trade was a 1.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Karen Boone sold 20,000 shares of the company’s stock in a transaction that occurred 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 owned 110,000 shares in the company, valued at approximately $2,200,000. This represents a 15.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 41,167 shares of company stock valued at $718,956 in the last 90 days. 1.48% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Newbridge Financial Services Group Inc. increased its stake in shares of 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 worth $26,000 after purchasing an additional 1,000 shares during the last quarter. Core Wealth Advisors LLC bought a new position in Rivian Automotive during the fourth quarter worth about $27,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Rivian Automotive during the third quarter worth about $31,000. Zions Bancorporation National Association UT acquired a new position in Rivian Automotive during the fourth quarter worth approximately $33,000. Finally, Oslo Pensjonsforsikring AS bought a new stake in Rivian Automotive in the first quarter valued at approximately $39,000. Institutional investors own 66.25% of the company’s stock.

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.