Rivian Automotive (NASDAQ:RIVN) Shares Gap Down – Time to Sell?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) gapped down before the market opened on Friday . The stock had previously closed at $13.61, but opened at $12.71. Rivian Automotive shares last traded at $13.05, with a volume of 24,915,746 shares.

Analyst Ratings Changes

RIVN has been the subject of several research reports. The Goldman Sachs Group lifted their price objective on Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Truist Financial boosted their price target on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Piper Sandler decreased their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, November 8th. Bank of America downgraded Rivian Automotive from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $20.00 to $13.00 in a research report on Friday, November 8th. Finally, Guggenheim cut their price target on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $15.09.

Rivian Automotive Stock Down 4.7 %

The firm’s 50-day moving average is $13.56 and its 200 day moving average is $12.51. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm has a market capitalization of $13.24 billion, a P/E ratio of -2.75 and a beta of 2.04.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. As a group, equities research analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $9,712,811.25. This trade represents a 8.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 18,501 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $15.00, for a total transaction of $277,515.00. Following the sale, the chief financial officer now owns 351,900 shares in the company, valued at $5,278,500. This represents a 4.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 366,788 shares of company stock worth $5,024,431 in the last quarter. Corporate insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in RIVN. Gould Capital LLC raised its stake in shares of Rivian Automotive by 87.6% during the fourth quarter. Gould Capital LLC now owns 7,025 shares of the electric vehicle automaker’s stock valued at $93,000 after acquiring an additional 3,280 shares during the last quarter. Parr Mcknight Wealth Management Group LLC acquired a new stake in Rivian Automotive in the fourth quarter worth $206,000. Neo Ivy Capital Management grew its holdings in shares of Rivian Automotive by 23.8% during the fourth quarter. Neo Ivy Capital Management now owns 157,704 shares of the electric vehicle automaker’s stock valued at $2,097,000 after buying an additional 30,300 shares during the last quarter. Orion Capital Management LLC bought a new stake in Rivian Automotive during the 4th quarter worth approximately $34,000. Finally, Elequin Capital LP bought a new stake in Rivian Automotive during the fourth quarter worth $49,000. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.