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

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) fell 4.5% during trading on Wednesday . The company traded as low as $13.23 and last traded at $13.43. 15,456,843 shares were traded during trading, a decline of 61% from the average session volume of 39,915,270 shares. The stock had previously closed at $14.06.

Analysts Set New Price Targets

A number of brokerages have recently commented on RIVN. Cantor Fitzgerald restated an “overweight” rating and set a $19.00 target price on shares of Rivian Automotive in a report on Monday, September 30th. Morgan Stanley cut shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $16.00 to $13.00 in a research note on Wednesday, September 25th. Benchmark began coverage on shares of Rivian Automotive in a research note on Monday. They issued a “buy” rating and a $18.00 price target on the stock. Mizuho dropped 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. Finally, Barclays dropped their price target on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $15.83.

Rivian Automotive Trading Down 2.0 %

The stock has a 50 day moving average of $10.87 and a 200-day moving average of $12.60. The company has a market capitalization of $14.06 billion, a P/E ratio of -2.40 and a beta of 2.12. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 8,097 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total transaction of $98,783.40. Following the completion of the transaction, the chief financial officer now directly owns 370,401 shares in the company, valued at approximately $4,518,892.20. This represents a 2.14 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This represents a 8.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 261,307 shares of company stock worth $3,178,479. 2.51% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new position in shares of Rivian Automotive during the 3rd quarter valued at approximately $28,000. GHP Investment Advisors Inc. boosted its position in shares of Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 1,002 shares during the last quarter. American Capital Advisory LLC boosted its position in shares of 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 valued at $33,000 after acquiring an additional 2,111 shares during the last quarter. Hantz Financial Services Inc. raised its holdings 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 valued at $34,000 after buying an additional 2,900 shares during the period. Finally, International Assets Investment Management LLC purchased a new stake in Rivian Automotive during the 2nd quarter valued at $37,000. 66.25% of the stock is currently 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.