Rivian Automotive (NASDAQ:RIVN) Shares Down 6.3% – Here’s Why

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were down 6.3% on Tuesday . The stock traded as low as $12.99 and last traded at $13.32. Approximately 21,947,669 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 42,941,668 shares. The stock had previously closed at $14.21.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on RIVN shares. Barclays boosted their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Truist Financial boosted their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Benchmark started coverage on shares of Rivian Automotive in a research report on Monday, December 9th. They issued a “buy” rating and a $18.00 price objective for the company. Needham & Company LLC dropped their price objective on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Finally, Guggenheim dropped their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $15.52.

Rivian Automotive Stock Down 1.6 %

The company has a market cap of $12.75 billion, a price-to-earnings ratio of -2.23 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. The firm’s fifty day moving average price is $13.09 and its 200-day moving average price is $13.03.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,784,877.65. This represents a 7.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the 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 transaction, the chief financial officer now owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 363,142 shares of company stock valued at $4,958,860. Company insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Large investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its stake in shares of Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after buying an additional 2,035,831 shares during the last quarter. International Assets Investment Management LLC boosted its stake in shares of Rivian Automotive by 1,870.7% during the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock worth $608,000 after buying an additional 51,464 shares during the last quarter. Mizuho Markets Americas LLC boosted its stake in shares of Rivian Automotive by 30.7% during the 3rd quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock worth $5,964,000 after buying an additional 124,950 shares during the last quarter. Vontobel Holding Ltd. raised its holdings in shares of Rivian Automotive by 543.8% in the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock valued at $1,601,000 after purchasing an additional 120,544 shares during the period. Finally, Renaissance Capital LLC raised its holdings in shares of Rivian Automotive by 20.0% in the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock valued at $9,958,000 after purchasing an additional 148,197 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.