Rivian Automotive (NASDAQ:RIVN) Shares Down 0.9% – Should You Sell?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) fell 0.9% on Friday . The company traded as low as $13.76 and last traded at $14.08. 8,622,688 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 48,416,117 shares. The stock had previously closed at $14.21.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Piper Sandler decreased their price objective on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, November 8th. JPMorgan Chase & Co. lowered their price target on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Tuesday, October 22nd. Guggenheim decreased their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Robert W. Baird reiterated a “neutral” rating and issued a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Finally, Benchmark started coverage on shares of Rivian Automotive in a research report on Monday, December 9th. They set a “buy” rating and a $18.00 price target on the stock. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $15.48.

Rivian Automotive Stock Performance

The stock has a market capitalization of $14.14 billion, a P/E ratio of -2.47 and a beta of 2.05. The stock has a 50 day simple moving average of $12.60 and a two-hundred day simple moving average of $13.08. 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 at Rivian Automotive

In related news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 327,429 shares of company stock valued at $4,467,450. 2.51% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Baillie Gifford & Co. grew its stake in shares of Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after acquiring an additional 17,341,786 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after purchasing an additional 3,285,867 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of 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 valued at $51,693,000 after buying an additional 2,035,831 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Rivian Automotive by 102.8% in the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock valued at $33,276,000 after buying an additional 1,257,106 shares during the period. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Rivian Automotive during the second quarter worth approximately $9,388,000. 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.