Rivian Automotive (NASDAQ:RIVN) Trading Down 1.8% – Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were down 1.8% during trading on Wednesday . The company traded as low as $14.36 and last traded at $14.6210. 22,861,461 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 29,921,373 shares. The stock had previously closed at $14.89.

Analysts Set New Price Targets

RIVN has been the topic of a number of research reports. Cantor Fitzgerald reissued a “neutral” rating on shares of Rivian Automotive in a research report on Monday, June 15th. Jefferies Financial Group restated a “hold” rating and set a $15.00 price target on shares of Rivian Automotive in a report on Tuesday, March 3rd. Weiss Ratings lowered Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 18th. Leerink Partners reiterated an “outperform” rating on shares of Rivian Automotive in a research note on Thursday, March 12th. Finally, TD Cowen reaffirmed a “buy” rating and set a $20.00 target price on shares of Rivian Automotive in a report on Wednesday, June 3rd. Twelve investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $18.57.

Rivian Automotive Trading Up 5.3%

The company has a 50-day moving average price of $15.61 and a two-hundred day moving average price of $16.29. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00. The stock has a market cap of $19.42 billion, a P/E ratio of -5.35 and a beta of 1.62.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 34,818 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $15.00, for a total value of $522,270.00. Following the sale, the chief executive officer owned 922,286 shares in the company, valued at $13,834,290. This represents a 3.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $16.00, for a total value of $128,368.00. Following the transaction, the chief financial officer directly owned 887,007 shares of the company’s stock, valued at approximately $14,192,112. The trade was a 0.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 100,340 shares of company stock valued at $1,560,246 in the last ninety days. Corporate insiders own 1.48% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently made changes to their positions in the stock. Capital International Investors lifted its holdings in shares of Rivian Automotive by 13.2% during the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock worth $409,374,000 after purchasing an additional 2,418,717 shares during the period. Renaissance Technologies LLC increased its stake in Rivian Automotive by 32.4% in the fourth quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock valued at $323,195,000 after purchasing an additional 4,012,386 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Rivian Automotive by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 14,782,865 shares of the electric vehicle automaker’s stock valued at $290,568,000 after purchasing an additional 59,503 shares during the last quarter. Norges Bank purchased a new stake in shares of Rivian Automotive during the 4th quarter worth about $220,323,000. Finally, Soma Equity Partners LP increased its holdings in Rivian Automotive by 9.9% in the 3rd quarter. Soma Equity Partners LP now owns 9,204,745 shares of the electric vehicle automaker’s stock valued at $135,126,000 after purchasing an additional 829,782 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 is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.