Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.7% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price fell 1.7% on Tuesday . The company traded as low as $15.08 and last traded at $15.45. 16,861,422 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 56,759,730 shares. The stock had previously closed at $15.72.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Truist Financial reiterated a “hold” rating and set a $12.00 price target on shares of Rivian Automotive in a report on Friday, January 3rd. Bank of America cut Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $20.00 to $13.00 in a report on Friday, November 8th. Royal Bank of Canada cut their price target on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Benchmark assumed coverage on Rivian Automotive in a research note on Monday, December 9th. They issued a “buy” rating and a $18.00 price objective for the company. Finally, Wells Fargo & Company dropped their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. One equities research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $15.48.

Rivian Automotive Stock Down 4.9 %

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company has a market cap of $14.50 billion, a P/E ratio of -2.54 and a beta of 2.05. The firm’s 50 day moving average price is $12.37 and its two-hundred day moving average price is $13.03.

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the transaction, the chief financial officer now owns 378,498 shares in the company, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 83,334 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $9,712,811.25. This trade represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 327,429 shares of company stock worth $4,467,450 in the last three months. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. grew its position in Rivian Automotive by 6.7% in the 2nd quarter. Principal Financial Group Inc. now owns 61,220 shares of the electric vehicle automaker’s stock worth $822,000 after purchasing an additional 3,849 shares in the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of Rivian Automotive by 8.5% in the second quarter. Commonwealth Equity Services LLC now owns 258,323 shares of the electric vehicle automaker’s stock valued at $3,467,000 after acquiring an additional 20,232 shares in the last quarter. Rhumbline Advisers increased its position in shares of Rivian Automotive by 17.9% during the second quarter. Rhumbline Advisers now owns 905,190 shares of the electric vehicle automaker’s stock valued at $12,148,000 after acquiring an additional 137,341 shares during the last quarter. Private Advisor Group LLC lifted its holdings in Rivian Automotive by 8.1% during the second quarter. Private Advisor Group LLC now owns 52,147 shares of the electric vehicle automaker’s stock worth $700,000 after acquiring an additional 3,904 shares during the period. Finally, Acadian Asset Management LLC purchased a new position in Rivian Automotive in the second quarter worth $258,000. 66.25% of the stock is owned by hedge funds and other 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.