Rivian Automotive (NASDAQ:RIVN) Stock Price Down 4.5% – Should You Sell?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) fell 4.5% during mid-day trading on Monday . The stock traded as low as $15.71 and last traded at $15.75. 24,229,797 shares changed hands during trading, a decline of 58% from the average session volume of 57,862,156 shares. The stock had previously closed at $16.49.

Analyst Ratings Changes

Several brokerages have recently issued reports on RIVN. Wedbush reiterated an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a research report on Friday, November 8th. Bank of America cut Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their price target for the company from $20.00 to $13.00 in a research report on Friday, November 8th. Benchmark began coverage on Rivian Automotive in a research report on Monday, December 9th. They set a “buy” rating and a $18.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $13.00 price target on shares of Rivian Automotive in a research report on Monday. Finally, Barclays decreased their target price on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $15.48.

Rivian Automotive Stock Down 5.7 %

The business has a 50-day simple moving average of $12.18 and a two-hundred day simple moving average of $12.95. The company has a market cap of $15.87 billion, a price-to-earnings ratio of -2.78 and a beta of 2.12. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the transaction, the chief financial officer now directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive 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 in the company, valued at $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 256,000 shares of company stock valued at $3,312,443 over the last quarter. Insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently made changes to their positions in RIVN. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive during the third quarter valued at about $28,000. GHP Investment Advisors Inc. increased its stake in Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 1,002 shares during the period. American Capital Advisory LLC increased its stake in Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after acquiring an additional 2,111 shares during the period. Hantz Financial Services Inc. increased its stake in Rivian Automotive by 2,636.4% during the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after acquiring an additional 2,900 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in Rivian Automotive during the third quarter valued at about $44,000. 66.25% of the stock is currently owned by institutional investors.

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.