Rivian Automotive (NASDAQ:RIVN) Shares Down 4.5% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were down 4.5% during trading on Wednesday . The company traded as low as $14.13 and last traded at $14.28. Approximately 13,431,561 shares traded hands during trading, a decline of 74% from the average daily volume of 52,380,133 shares. The stock had previously closed at $14.95.

Analysts Set New Price Targets

RIVN has been the topic of a number of recent research reports. Canaccord Genuity Group decreased their target price on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Barclays dropped their price objective on shares of 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. Royal Bank of Canada decreased their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Needham & Company LLC dropped their price target 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, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $13.00 price objective on shares of Rivian Automotive in a report on Monday. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $15.48.

Rivian Automotive Stock Performance

The stock has a market cap of $14.51 billion, a price-to-earnings ratio of -2.54 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 has a fifty day simple moving average of $12.37 and a 200-day simple moving average of $13.03.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on 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 sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,784,877.65. The trade was a 7.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the transaction, the chief financial officer now directly owns 378,498 shares in the company, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 256,000 shares of company stock valued at $3,312,443 over the last 90 days. 2.51% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nordea Investment Management AB grew its position in shares of Rivian Automotive by 12.1% during the 4th quarter. Nordea Investment Management AB now owns 63,074 shares of the electric vehicle automaker’s stock worth $901,000 after buying an additional 6,817 shares during the period. Everence Capital Management Inc. bought a new position in Rivian Automotive during the 4th quarter worth approximately $380,000. GAMMA Investing LLC grew its holdings in Rivian Automotive by 82.6% during the fourth quarter. GAMMA Investing LLC now owns 8,893 shares of the electric vehicle automaker’s stock valued at $118,000 after purchasing an additional 4,022 shares during the period. B. Riley Wealth Advisors Inc. increased its stake in Rivian Automotive by 72.2% in the third quarter. B. Riley Wealth Advisors Inc. now owns 89,764 shares of the electric vehicle automaker’s stock valued at $994,000 after purchasing an additional 37,647 shares in the last quarter. Finally, Tidal Investments LLC raised its holdings in Rivian Automotive by 28.8% in the third quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker’s stock worth $3,018,000 after purchasing an additional 60,205 shares during the period. Institutional investors own 66.25% of the company’s stock.

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.