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

Rivian Automotive, Inc. (NASDAQ:RIVN) shares gapped down prior to trading on Wednesday . The stock had previously closed at $12.71, but opened at $12.34. Rivian Automotive shares last traded at $12.45, with a volume of 5,534,050 shares.

Analyst Upgrades and Downgrades

RIVN has been the subject of several research reports. Royal Bank of Canada cut their target price on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Baird R W cut Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Needham & Company LLC decreased their price target on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Cantor Fitzgerald reiterated an “overweight” rating and set a $13.00 price target on shares of Rivian Automotive in a report on Monday, January 6th. Finally, Mizuho dropped their target price on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and an average target price of $15.13.

Rivian Automotive Stock Down 2.3 %

The stock has a market cap of $12.67 billion, a PE ratio of -2.21 and a beta of 2.05. The business has a fifty day moving average of $13.30 and a 200-day moving average of $12.90. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Insider Activity

In other news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $9,712,811.25. This trade represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 363,142 shares of company stock worth $4,958,860. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Several hedge funds have recently modified their holdings of RIVN. Baillie Gifford & Co. raised its stake in shares of Rivian Automotive by 52.5% during the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after acquiring an additional 17,341,786 shares in the last quarter. Geode Capital Management LLC grew its holdings in Rivian Automotive by 1.8% in the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock worth $145,550,000 after purchasing an additional 223,860 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position 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 in the last quarter. abrdn plc lifted its holdings in shares of Rivian Automotive by 17.8% during the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after purchasing an additional 518,561 shares during the last quarter. Finally, Swiss National Bank boosted its position in shares of Rivian Automotive by 2.1% in the 3rd quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker’s stock worth $24,665,000 after purchasing an additional 45,200 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.