Rivian Automotive (NASDAQ:RIVN) Trading Down 2.3% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price dropped 2.3% on Wednesday . The company traded as low as $12.22 and last traded at $12.42. Approximately 8,674,690 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 39,480,914 shares. The stock had previously closed at $12.71.

Analysts Set New Price Targets

RIVN has been the topic of several recent research reports. The Goldman Sachs Group increased their target price on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Wells Fargo & Company cut their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Baird R W lowered Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Canaccord Genuity Group cut their price target on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, October 7th. Finally, Needham & Company LLC decreased their price objective on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $15.13.

Rivian Automotive Price Performance

The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock’s 50 day moving average price is $13.30 and its two-hundred day moving average price is $12.90. The stock has a market cap of $12.67 billion, a price-to-earnings ratio of -2.22 and a beta of 2.05.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total value of $975,005.85. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,784,877.65. The trade was a 7.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the sale, the chief financial officer now directly owns 378,498 shares in the company, valued at approximately $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 363,142 shares of company stock valued at $4,958,860. Company insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Tandem Financial LLC purchased a new stake in Rivian Automotive during the 4th quarter worth approximately $25,000. Wilmington Savings Fund Society FSB acquired a new position in Rivian Automotive in the 3rd quarter valued at $28,000. GHP Investment Advisors Inc. lifted its holdings in 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 purchasing an additional 1,002 shares in the last quarter. American Capital Advisory LLC grew its holdings in shares of Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after buying an additional 2,111 shares in the last quarter. Finally, Hantz Financial Services Inc. lifted its stake in shares of Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after buying an additional 2,900 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.