Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.3% – Should You Sell?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) fell 1.3% on Wednesday . The stock traded as low as $15.30 and last traded at $15.56. Approximately 17,563,953 shares traded hands during mid-day trading, a decline of 44% from the average session volume of 31,493,627 shares. The stock had previously closed at $15.76.

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of recent research reports. Needham & Company LLC reiterated a “buy” rating and issued a $23.00 price objective on shares of Rivian Automotive in a research report on Friday, July 31st. 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. Tigress Financial reaffirmed a “buy” rating and set a $25.00 price target on shares of Rivian Automotive in a research note on Friday, April 10th. Deutsche Bank Aktiengesellschaft cut Rivian Automotive from a “buy” rating to an “underperform” rating in a report on Tuesday. Finally, Piper Sandler upgraded Rivian Automotive from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $18.00 to $20.00 in a research report on Monday, July 27th. Twelve 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. Based on data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and an average target price of $18.95.

Rivian Automotive Stock Up 4.0%

The business’s fifty day simple moving average is $16.65 and its 200 day simple moving average is $15.81. The stock has a market cap of $21.78 billion, a price-to-earnings ratio of -6.20 and a beta of 1.61. The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, Director Karen Boone sold 20,000 shares of the stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $20.00, for a total value of $400,000.00. Following the transaction, the director owned 110,000 shares of the company’s stock, valued at approximately $2,200,000. This represents a 15.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $15.00, for a total value of $522,270.00. Following the transaction, the chief executive officer owned 922,286 shares in the company, valued at approximately $13,834,290. This trade represents a 3.64% 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 have sold 68,385 shares of company stock worth $1,125,094 in the last three months. Insiders own 1.48% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds have recently modified their holdings of the company. Newbridge Financial Services Group Inc. grew its holdings in shares of Rivian Automotive by 113.6% in 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 buying an additional 1,000 shares during the period. Core Wealth Advisors LLC acquired a new stake in Rivian Automotive during the 4th quarter worth $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 bought a new position in Rivian Automotive during the fourth quarter worth about $33,000. Finally, Glass Jacobson Investment Advisors llc grew its stake in Rivian Automotive by 96.3% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock valued at $34,000 after acquiring an additional 852 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.