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

Rivian Automotive, Inc. (NASDAQ:RIVN) shares gapped down before the market opened on Friday . The stock had previously closed at $10.78, but opened at $10.05. Rivian Automotive shares last traded at $9.99, with a volume of 28,969,710 shares.

Analyst Upgrades and Downgrades

RIVN has been the subject of a number of research reports. The Goldman Sachs Group lifted their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Monday, July 1st. JPMorgan Chase & Co. boosted their price objective on shares of Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a research report on Wednesday, June 26th. Wolfe Research started coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They issued a “peer perform” rating for the company. Canaccord Genuity Group boosted their price objective on shares of Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, July 1st. Finally, Guggenheim started coverage on shares of Rivian Automotive in a research report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and a consensus target price of $17.91.

Rivian Automotive Stock Down 7.5 %

The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The firm has a 50-day moving average of $13.43 and a 200 day moving average of $12.29. The stock has a market capitalization of $9.92 billion, a price-to-earnings ratio of -1.76 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. On average, sell-side analysts anticipate that Rivian Automotive, Inc. will post -4.92 earnings per share for the current year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $14.97, for a total transaction of $1,069,292.13. Following the completion of the sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $13,618,074.27. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 512,734 shares of company stock worth $8,038,565. 2.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in RIVN. TD Asset Management Inc boosted its holdings in shares of Rivian Automotive by 11.6% in the 4th quarter. TD Asset Management Inc now owns 246,845 shares of the electric vehicle automaker’s stock valued at $5,791,000 after buying an additional 25,567 shares during the period. California State Teachers Retirement System boosted its stake in Rivian Automotive by 1.4% in the fourth quarter. California State Teachers Retirement System now owns 1,020,775 shares of the electric vehicle automaker’s stock valued at $23,947,000 after acquiring an additional 14,253 shares during the period. Belpointe Asset Management LLC acquired a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $241,000. Royal London Asset Management Ltd. lifted its holdings in shares of Rivian Automotive by 5.3% in the 4th quarter. Royal London Asset Management Ltd. now owns 254,015 shares of the electric vehicle automaker’s stock worth $5,959,000 after purchasing an additional 12,875 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado boosted its position in Rivian Automotive by 857.7% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 78,467 shares of the electric vehicle automaker’s stock valued at $1,841,000 after purchasing an additional 70,274 shares during the period. Institutional investors and hedge funds 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.