Rivian Automotive (NASDAQ:RIVN) Shares Down 2.5% – Time to Sell?

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

Wall Street Analyst Weigh In

A number of analysts have issued reports on RIVN shares. Wells Fargo & Company cut their target price on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Canaccord Genuity Group reduced their target price on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Bank of America cut shares of Rivian Automotive from a “buy” rating to a “neutral” rating and dropped their price target for the company from $20.00 to $13.00 in a research note on Friday, November 8th. Robert W. Baird reiterated a “neutral” rating and issued a $16.00 price objective (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Finally, Piper Sandler lowered their price objective on Rivian Automotive from $21.00 to $19.00 and set an “overweight” 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 given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $15.52.

Rivian Automotive Stock Performance

The firm has a market capitalization of $13.03 billion, a price-to-earnings ratio of -2.28 and a beta of 2.05. The firm has a 50 day moving average price of $13.09 and a 200-day moving average price of $13.03. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 18,501 shares of Rivian Automotive stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.00, for a total transaction of $277,515.00. Following the completion of the sale, the chief financial officer now directly owns 351,900 shares of the company’s stock, valued at approximately $5,278,500. The trade was a 4.99 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $11.25, for a total value 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 position. The disclosure for this sale can be found here. Insiders have sold 363,142 shares of company stock valued at $4,958,860 in the last quarter. Corporate insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Wilmington Savings Fund Society FSB acquired a new position in Rivian Automotive in the third quarter valued at approximately $28,000. GHP Investment Advisors Inc. boosted its holdings in shares of 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 grew its position in shares of Rivian Automotive by 267.6% in the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after buying an additional 2,111 shares during the last quarter. Hantz Financial Services Inc. raised its stake 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 acquiring an additional 2,900 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in Rivian Automotive in the third quarter valued at $44,000. Hedge funds and other 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.