Rivian Automotive (NASDAQ:RIVN) Shares Down 3.1% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was down 3.1% during trading on Thursday . The stock traded as low as $12.23 and last traded at $12.30. Approximately 15,056,621 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 41,961,789 shares. The stock had previously closed at $12.69.

Analysts Set New Price Targets

A number of research firms recently commented on RIVN. Wells Fargo & Company lowered their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. Royal Bank of Canada dropped their price target on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Needham & Company LLC cut their price objective on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Wedbush reiterated an “outperform” rating and set a $20.00 price objective on shares of Rivian Automotive in a report on Friday, November 8th. Finally, UBS Group lifted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $15.52.

Rivian Automotive Stock Down 1.9 %

The stock’s 50-day moving average price is $13.09 and its two-hundred day moving average price is $13.03. The stock has a market capitalization of $12.70 billion, a P/E ratio of -2.22 and a beta of 2.05. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 sale, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 327,429 shares of company stock worth $4,467,450. 2.51% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently bought and sold shares of RIVN. American Century Companies Inc. lifted its stake in Rivian Automotive by 4.1% in the second quarter. American Century Companies Inc. now owns 154,336 shares of the electric vehicle automaker’s stock worth $2,071,000 after acquiring an additional 6,105 shares during the period. Envestnet Asset Management Inc. lifted its position in shares of Rivian Automotive by 20.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 172,063 shares of the electric vehicle automaker’s stock worth $2,309,000 after purchasing an additional 29,218 shares during the period. Mercer Global Advisors Inc. ADV boosted its stake in shares of Rivian Automotive by 18.8% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 47,359 shares of the electric vehicle automaker’s stock valued at $636,000 after purchasing an additional 7,508 shares in the last quarter. Amalgamated Bank increased its position in shares of Rivian Automotive by 19.9% during the second quarter. Amalgamated Bank now owns 45,082 shares of the electric vehicle automaker’s stock valued at $605,000 after buying an additional 7,486 shares during the period. Finally, Intech Investment Management LLC raised its stake in Rivian Automotive by 1.4% in the second quarter. Intech Investment Management LLC now owns 76,967 shares of the electric vehicle automaker’s stock worth $1,033,000 after buying an additional 1,055 shares in the last quarter. 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.