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

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded down 1.7% on Tuesday . The company traded as low as $12.41 and last traded at $12.63. 7,850,325 shares were traded during mid-day trading, a decline of 81% from the average session volume of 40,366,824 shares. The stock had previously closed at $12.85.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of research reports. Guggenheim cut their price objective on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. The Goldman Sachs Group upped their price target on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Bank of America lowered Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $20.00 to $13.00 in a report on Friday, November 8th. UBS Group raised their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Finally, Stifel Nicolaus dropped their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $15.13.

Rivian Automotive Trading Up 0.7 %

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 company’s fifty day moving average is $13.39 and its 200-day moving average is $12.90. The firm has a market capitalization of $12.77 billion, a P/E ratio of -2.23 and a beta of 2.05.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction 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 represents a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 35,713 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value of $491,410.88. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at $11,879,847.36. The trade was a 3.97 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 363,142 shares of company stock valued at $4,958,860. Insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its stake in shares of Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after purchasing an additional 2,035,831 shares during the period. International Assets Investment Management LLC boosted its stake in 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 acquiring an additional 51,464 shares during the last quarter. Mizuho Markets Americas LLC boosted its stake in 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 acquiring an additional 124,950 shares during the last quarter. Vontobel Holding Ltd. boosted its stake in Rivian Automotive by 543.8% during the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock worth $1,601,000 after acquiring an additional 120,544 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in Rivian Automotive by 42.7% during the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock worth $2,404,000 after acquiring an additional 54,053 shares during the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.