Rivian Automotive (NASDAQ:RIVN) Shares Down 4.3% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) was down 4.3% during trading on Friday . The stock traded as low as $9.71 and last traded at $9.87. Approximately 29,967,432 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 39,453,906 shares. The stock had previously closed at $10.31.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on RIVN. Wells Fargo & Company dropped their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $19.00 price objective on shares of Rivian Automotive in a research note on Monday, September 30th. Guggenheim lowered their target price 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. Wolfe Research started coverage on Rivian Automotive in a research report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Finally, Barclays decreased their price objective on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $15.73.

Rivian Automotive Stock Down 2.4 %

The firm’s 50 day simple moving average is $11.09 and its 200-day simple moving average is $12.41. The company has a market cap of $10.14 billion, a price-to-earnings ratio of -1.80 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 4.01.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, the chief executive officer now owns 886,526 shares in the company, valued at $12,127,675.68. This represents a 8.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. International Assets Investment Management LLC boosted its stake in shares of Rivian Automotive by 1,870.7% during the third 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 period. Vontobel Holding Ltd. lifted its position 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 period. Renaissance Capital LLC grew its stake 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 last quarter. Private Advisory Group LLC acquired a new position in shares of Rivian Automotive in the third quarter valued at approximately $2,109,000. Finally, Royal London Asset Management Ltd. raised its stake in shares of Rivian Automotive by 19.6% during the second quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker’s stock worth $4,027,000 after purchasing an additional 49,216 shares during the last quarter. 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.