Rivian Automotive (NASDAQ:RIVN) Shares Down 2.5% – Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 2.5% during mid-day trading on Wednesday . The company traded as low as $12.74 and last traded at $12.96. 14,792,200 shares were traded during trading, a decline of 65% from the average session volume of 42,663,195 shares. The stock had previously closed at $13.29.

Analyst Ratings Changes

RIVN has been the topic of a number of research reports. JPMorgan Chase & Co. dropped their price target on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 22nd. Bank of America lowered Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $20.00 to $13.00 in a report on Friday, November 8th. Robert W. Baird restated a “neutral” rating and set a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Morgan Stanley lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $16.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Royal Bank of Canada cut 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. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average target price of $15.52.

Rivian Automotive Stock Performance

The firm’s 50-day moving average price is $13.08 and its two-hundred day moving average price is $13.04. The firm has a market capitalization of $13.08 billion, a PE ratio of -2.29 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.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the transaction, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at $13,960,547.37. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 327,429 shares of company stock valued at $4,467,450 over the last ninety days. Corporate insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its holdings in Rivian Automotive by 79.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after purchasing an additional 2,035,831 shares during the period. International Assets Investment Management LLC grew its stake in Rivian Automotive by 1,870.7% in the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock valued at $608,000 after acquiring an additional 51,464 shares during the period. Mizuho Markets Americas LLC increased its holdings in shares of Rivian Automotive by 30.7% in the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock worth $5,964,000 after acquiring an additional 124,950 shares in the last quarter. Vontobel Holding Ltd. raised its position in shares of Rivian Automotive by 543.8% during the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock worth $1,601,000 after purchasing an additional 120,544 shares during the period. Finally, Renaissance Capital LLC raised its holdings in Rivian Automotive by 20.0% during the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock worth $9,958,000 after buying an additional 148,197 shares during the period. Institutional investors own 66.25% of the company’s stock.

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.