Rivian Automotive (NASDAQ:RIVN) Shares Down 1.7% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 1.7% on Tuesday . The stock traded as low as $15.08 and last traded at $15.45. Approximately 16,861,422 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 56,759,730 shares. The stock had previously closed at $15.72.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RIVN. Wedbush restated an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a report on Friday, November 8th. Royal Bank of Canada lowered their price objective on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Needham & Company LLC reduced their target price on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Mizuho lowered their price target on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Finally, Piper Sandler reduced their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and a consensus price target of $15.48.

Rivian Automotive Stock Down 4.1 %

The company has a market cap of $15.38 billion, a price-to-earnings ratio of -2.69 and a beta of 2.05. 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 stock’s fifty day moving average is $12.28 and its two-hundred day moving average is $13.00.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction on Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $9,712,811.25. The trade was a 8.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the sale, the chief financial officer now owns 378,498 shares of the company’s stock, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 256,000 shares of company stock valued at $3,312,443 over the last ninety days. 2.51% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently modified their holdings of the stock. Wilmington Savings Fund Society FSB purchased a new stake in Rivian Automotive in the third quarter worth $28,000. GHP Investment Advisors Inc. increased its holdings in Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 1,002 shares during the last quarter. American Capital Advisory LLC raised its stake in Rivian Automotive by 267.6% in the 3rd 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. lifted its holdings 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 purchasing an additional 2,900 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new position in Rivian Automotive during the third quarter worth about $44,000. Institutional investors own 66.25% of the company’s stock.

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.