Rivian Automotive (NASDAQ:RIVN) Trading Down 0.9% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN) was down 0.9% during mid-day trading on Friday . The company traded as low as $13.76 and last traded at $14.08. Approximately 8,622,688 shares traded hands during trading, a decline of 82% from the average daily volume of 48,416,117 shares. The stock had previously closed at $14.21.

Analysts Set New Price Targets

A number of brokerages have commented on RIVN. JPMorgan Chase & Co. decreased their price objective on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Tuesday, October 22nd. Truist Financial reissued a “hold” rating and issued a $12.00 price target on shares of Rivian Automotive in a research report on Friday, January 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $13.00 price objective on shares of Rivian Automotive in a report on Monday. Wells Fargo & Company lowered their target price on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Finally, Piper Sandler decreased their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research note 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 issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $15.48.

Rivian Automotive Price Performance

The firm’s fifty day simple moving average is $12.53 and its 200-day simple moving average is $13.05. The firm has a market capitalization of $14.44 billion, a PE ratio of -2.53 and a beta of 2.05. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was 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 owns 863,361 shares of the company’s stock, valued at approximately $9,712,811.25. The trade was a 8.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 8,097 shares of Rivian Automotive 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 sale, the chief financial officer now owns 370,401 shares of the company’s stock, valued at $4,518,892.20. This represents a 2.14 % 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 worth $4,467,450 in the last three months. Insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in RIVN. John G Ullman & Associates Inc. lifted its position in Rivian Automotive by 9.1% during the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock valued at $135,000 after purchasing an additional 1,000 shares in the last quarter. GHP Investment Advisors Inc. lifted 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 buying an additional 1,002 shares in the last quarter. Intech Investment Management LLC grew its stake in shares of Rivian Automotive by 1.4% during the 2nd quarter. Intech Investment Management LLC now owns 76,967 shares of the electric vehicle automaker’s stock valued at $1,033,000 after acquiring an additional 1,055 shares during the period. Tradition Wealth Management LLC increased its holdings in Rivian Automotive by 11.9% in the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock worth $132,000 after acquiring an additional 1,250 shares in the last quarter. Finally, Regal Investment Advisors LLC raised its stake in Rivian Automotive by 7.0% during the 2nd quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker’s stock worth $262,000 after acquiring an additional 1,281 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

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.