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

Rivian Automotive, Inc. (NASDAQ:RIVN) fell 1.7% on Tuesday . The stock traded as low as $12.41 and last traded at $12.63. 7,850,325 shares traded hands 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.

Analysts Set New Price Targets

Several equities analysts have commented on RIVN shares. Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 price objective (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Stifel Nicolaus dropped their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, November 11th. Guggenheim decreased their price objective on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Mizuho lowered their target price on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Finally, Piper Sandler dropped their target price on 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 analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $15.52.

Rivian Automotive Trading Down 1.1 %

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 has a 50-day simple moving average of $13.25 and a 200 day simple moving average of $12.94. The firm has a market cap of $12.97 billion, a PE ratio of -2.27 and a beta of 2.05.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the sale, the chief financial officer now directly owns 378,498 shares in the company, valued at approximately $3,796,334.94. The trade was a 0.84 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total value of $975,005.85. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $11,784,877.65. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 363,142 shares of company stock valued at $4,958,860. Corporate insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RIVN. John G Ullman & Associates Inc. increased its holdings in Rivian Automotive by 9.1% in the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock valued at $135,000 after purchasing an additional 1,000 shares during the last quarter. GHP Investment Advisors Inc. boosted its stake in shares of 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 during the period. RFG Holdings Inc. grew its holdings in Rivian Automotive by 5.2% during the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock worth $296,000 after acquiring an additional 1,096 shares in the last quarter. Tradition Wealth Management LLC increased its holdings in Rivian Automotive by 11.9% in the third quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock valued at $132,000 after buying an additional 1,250 shares during the last quarter. Finally, Regal Investment Advisors LLC raised its position in shares of Rivian Automotive by 7.0% during the 2nd quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker’s stock worth $262,000 after acquiring an additional 1,281 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.