Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.2% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN) was down 1.2% during trading on Wednesday. The company traded as low as $13.46 and last traded at $13.54. 20,489,263 shares changed hands during trading, a decline of 30% from the average session volume of 29,432,104 shares. The stock had previously closed at $13.70.

Latest Rivian Automotive News

These are some of the RIVN news items that stood out recently:

• Positive Sentiment: Rivian’s upgraded electric delivery vans could be more attractive to fleet buyers, raising the possibility of another large order, though no deal was announced. Article: Rivian’s Vans Got a Serious Upgrade. Could Another Major Fleet Deal Finally Follow?
• Positive Sentiment: Stifel Nicolaus reaffirmed its Buy rating, while an analyst roundup cited a $19.50 consensus price target. These analyst views may support sentiment but do not guarantee future performance. Article: Stifel Nicolaus Reaffirms Buy Rating Article: Rivian Stock Has Consensus Target Price of $19.50
• Negative Sentiment: Despite a 58% quarter-over-quarter increase in deliveries, automotive gross profit did not rise along with volume. Rivian is absorbing launch costs, while it has yet to benefit from additional shifts that could improve production efficiency. Article: Rivian’s Deliveries Jumped 58%. Why Didn’t Gross Profit Follow?

Wall Street Analyst Weigh In

RIVN has been the topic of several recent analyst reports. TD Cowen upped their price objective on shares of Rivian Automotive from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Yorkville Ives began coverage on shares of Rivian Automotive in a research note on Tuesday, October 6th. They issued an “outperform” rating and a $20.00 target price for the company. Royal Bank Of Canada boosted their price target on Rivian Automotive from $14.00 to $16.00 and gave the company a “sector perform” rating in a report on Friday, July 31st. Cantor Fitzgerald reduced their price target on Rivian Automotive from $19.00 to $16.00 and set a “neutral” rating on the stock in a research note on Friday, October 30th. Finally, Morgan Stanley lifted their price objective on Rivian Automotive from $13.00 to $14.00 and gave the company an “underweight” rating in a research report on Friday, July 31st. Fifteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $19.50.

Rivian Automotive Stock Down 1.2%

The stock has a fifty day moving average of $14.12 and a two-hundred day moving average of $15.38. The company has a quick ratio of 1.70, a current ratio of 2.18 and a debt-to-equity ratio of 0.78. The stock has a market cap of $19.76 billion, a price-to-earnings ratio of -6.02 and a beta of 1.64.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Thursday, October 29th. The electric vehicle automaker reported ($0.48) EPS for the quarter, topping the consensus estimate of ($0.64) by $0.16. The company had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2 billion. Rivian Automotive had a negative return on equity of 69.68% and a negative net margin of 45.88%. The firm’s revenue was up 38.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.08) earnings per share. As a group, analysts predict that Rivian Automotive, Inc. will post -2.72 EPS for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire McDonough sold 8,023 shares of Rivian Automotive stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the transaction, the chief financial officer directly owned 819,178 shares of the company’s stock, valued at $13,106,848. The trade was a 0.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael John Callahan sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $15.00, for a total transaction of $225,000.00. Following the sale, the insider owned 1,001,776 shares of the company’s stock, valued at approximately $15,026,640. This represents a 1.48% 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. In the last three months, insiders have sold 51,167 shares of company stock valued at $788,306. Corporate insiders own 1.48% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Parallel Advisors LLC raised its position in Rivian Automotive by 4.0% in the first quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker’s stock valued at $242,000 after purchasing an additional 613 shares during the period. Cibc World Market Inc. boosted its position in shares of Rivian Automotive by 1.7% in the third quarter. Cibc World Market Inc. now owns 45,787 shares of the electric vehicle automaker’s stock worth $684,000 after buying an additional 775 shares during the period. Garrison Point Advisors LLC boosted its position in shares of Rivian Automotive by 6.9% in the third quarter. Garrison Point Advisors LLC now owns 13,100 shares of the electric vehicle automaker’s stock worth $196,000 after buying an additional 850 shares during the period. Reynders McVeigh Capital Management LLC grew its stake in shares of Rivian Automotive by 6.8% in the second quarter. Reynders McVeigh Capital Management LLC now owns 15,767 shares of the electric vehicle automaker’s stock valued at $274,000 after buying an additional 1,000 shares in the last quarter. Finally, Albion Financial Group UT grew its stake in shares of Rivian Automotive by 1.0% in the third quarter. Albion Financial Group UT now owns 105,261 shares of the electric vehicle automaker’s stock valued at $1,573,000 after buying an additional 1,010 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc. designs, develops and manufactures electric vehicles and related technology. Its consumer lineup includes the R1T electric pickup truck and R1S electric sport utility vehicle, while its commercial offerings include electric delivery vans and fleet services. Founded in 2009 by RJ Scaringe, the company began delivering its R1T and R1S vehicles in 2021. Rivian also develops vehicle software, charging solutions and services intended to support its consumer and commercial customers.