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

Rivian Automotive, Inc. (NASDAQ:RIVN) fell 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 traded hands during mid-day trading, a decline of 65% from the average session volume of 42,663,195 shares. The stock had previously closed at $13.29.

Analysts Set New Price Targets

RIVN has been the topic of several recent analyst reports. Stifel Nicolaus lowered their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. Canaccord Genuity Group lowered their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, October 7th. Wedbush restated an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a research report on Friday, November 8th. JPMorgan Chase & Co. decreased their target price on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research report on Tuesday, October 22nd. Finally, Benchmark initiated coverage on shares of Rivian Automotive in a research report on Monday, December 9th. They set a “buy” rating and a $18.00 price objective for the company. One investment 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’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $15.52.

Rivian Automotive Stock Down 3.6 %

The firm has a market capitalization of $13.08 billion, a P/E ratio of -2.29 and a beta of 2.05. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The company’s 50-day simple moving average is $13.08 and its two-hundred day simple moving average is $13.04.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $9,712,811.25. This trade represents a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer now 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. Insiders sold a total of 327,429 shares of company stock valued at $4,467,450 over the last 90 days. Company insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently made changes to their positions in the company. Baillie Gifford & Co. boosted its position in Rivian Automotive by 52.5% during the 3rd 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. Geode Capital Management LLC raised its holdings in shares of Rivian Automotive by 1.8% during the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock worth $145,550,000 after purchasing an additional 223,860 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Rivian Automotive by 79.2% during 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 acquiring an additional 2,035,831 shares during the period. abrdn plc raised its position in Rivian Automotive by 17.8% during the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after acquiring an additional 518,561 shares in the last quarter. Finally, AQR Capital Management LLC raised its position 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 worth $33,276,000 after acquiring an additional 1,257,106 shares during the period. 66.25% of the stock is currently owned by hedge funds and other 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.