Rivian Automotive (NASDAQ:RIVN) Trading Down 1.4% – Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded down 1.4% on Tuesday . The company traded as low as $14.81 and last traded at $14.89. Approximately 24,049,308 shares traded hands during mid-day trading, a decline of 20% from the average session volume of 29,950,742 shares. The stock had previously closed at $15.10.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RIVN. DA Davidson raised their price target on shares of Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Monday, May 11th. TD Cowen reissued a “buy” rating and set a $20.00 price objective on shares of Rivian Automotive in a report on Wednesday, June 3rd. BNP Paribas Exane restated an “outperform” rating and set a $22.00 price objective (down from $23.00) on shares of Rivian Automotive in a research report on Friday, May 1st. Tigress Financial restated a “buy” rating and issued a $25.00 target price on shares of Rivian Automotive in a report on Friday, April 10th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $15.00 target price on shares of Rivian Automotive in a research report on Tuesday, March 3rd. Twelve analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have issued a Sell rating to the company’s stock. According to MarketBeat, Rivian Automotive currently has an average rating of “Hold” and an average target price of $18.57.

Rivian Automotive Trading Down 1.4%

The stock has a 50 day simple moving average of $15.67 and a 200-day simple moving average of $16.36. The firm has a market capitalization of $18.48 billion, a P/E ratio of -5.10 and a beta of 1.62. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 10,245 shares of the company’s stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total transaction of $184,410.00. Following the completion of the sale, the chief financial officer directly owned 946,814 shares of the company’s stock, valued at approximately $17,042,652. This represents a 1.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total transaction of $522,270.00. Following the completion of the transaction, the chief executive officer owned 922,286 shares in the company, valued at $13,834,290. The trade was a 3.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 100,340 shares of company stock worth $1,560,246 in the last quarter. Company insiders own 1.48% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Brighton Jones LLC increased its position in Rivian Automotive by 28.0% in the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after buying an additional 3,864 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Rivian Automotive by 1.5% during the 1st quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock valued at $4,733,000 after acquiring an additional 5,590 shares during the period. Empowered Funds LLC grew its stake in shares of Rivian Automotive by 10.1% during the 1st quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock valued at $679,000 after acquiring an additional 4,998 shares during the period. Focus Partners Wealth increased its holdings in Rivian Automotive by 29.0% in the 1st quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock worth $803,000 after acquiring an additional 14,497 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in Rivian Automotive by 57.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock worth $64,000 after acquiring an additional 1,856 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

About Rivian Automotive

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.