Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.3% – Here’s What Happened

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) fell 2.3% during trading on Wednesday . The stock traded as low as $12.22 and last traded at $12.42. 8,674,690 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 39,480,914 shares. The stock had previously closed at $12.71.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. UBS Group increased their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Bank of America cut shares of Rivian Automotive from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $20.00 to $13.00 in a research report on Friday, November 8th. Cantor Fitzgerald restated an “overweight” rating and issued a $13.00 target price on shares of Rivian Automotive in a report on Monday, January 6th. Truist Financial increased their price target on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Finally, Mizuho lowered their price objective on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $15.13.

Rivian Automotive Price Performance

The stock has a market cap of $12.82 billion, a P/E ratio of -2.24 and a beta of 2.05. The business has a 50 day simple moving average of $13.39 and a 200-day simple moving average of $12.90. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,097 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total transaction of $98,783.40. Following the completion of the transaction, the chief financial officer now directly owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. This represents a 2.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 35,713 shares of the firm’s 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 completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,879,847.36. This represents a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 363,142 shares of company stock worth $4,958,860. 2.51% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently added to or reduced their stakes in the company. Tandem Financial LLC purchased a new stake in Rivian Automotive during the fourth quarter valued at about $25,000. Bank of Jackson Hole Trust bought a new stake in shares of Rivian Automotive in the fourth quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive in the 3rd quarter worth approximately $28,000. GHP Investment Advisors Inc. grew its stake 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 valued at $29,000 after buying an additional 1,002 shares in the last quarter. Finally, American Capital Advisory LLC raised its holdings in Rivian Automotive by 267.6% during 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. Hedge funds and other 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.