Rivian Automotive (NASDAQ:RIVN) Shares Down 4.5% – Time to Sell?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were down 4.5% on Wednesday . The stock traded as low as $14.13 and last traded at $14.28. Approximately 13,431,561 shares changed hands during trading, a decline of 74% from the average daily volume of 52,380,133 shares. The stock had previously closed at $14.95.

Analyst Ratings Changes

Several brokerages have issued reports on RIVN. Wedbush restated an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a report on Friday, November 8th. Guggenheim lowered their target price on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Mizuho cut their price target on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Royal Bank of Canada lowered their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Finally, Bank of America lowered shares of Rivian Automotive from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $20.00 to $13.00 in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $15.48.

Rivian Automotive Trading Down 4.9 %

The business’s 50 day simple moving average is $12.37 and its 200 day simple moving average is $13.03. The stock has a market cap of $14.51 billion, a price-to-earnings ratio of -2.54 and a beta of 2.05. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $13.65, for a total value of $975,005.85. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,784,877.65. This represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the sale, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at $3,796,334.94. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 256,000 shares of company stock valued at $3,312,443. 2.51% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RIVN. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive in the third quarter valued at approximately $28,000. GHP Investment Advisors Inc. grew its holdings in Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 1,002 shares in the last quarter. American Capital Advisory LLC increased its position in Rivian Automotive by 267.6% during the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after buying an additional 2,111 shares during the period. Hantz Financial Services Inc. increased its position in Rivian Automotive by 2,636.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after buying an additional 2,900 shares during the period. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Rivian Automotive during the third quarter worth $44,000. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Company Profile

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.