Rivian Automotive (NASDAQ:RIVN) Shares Down 0.1% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price dropped 0.1% on Wednesday . The company traded as low as $12.73 and last traded at $12.86. Approximately 5,036,912 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 35,135,016 shares. The stock had previously closed at $12.87.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Needham & Company LLC dropped their target price on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Benchmark assumed coverage on Rivian Automotive in a report on Monday, December 9th. They set a “buy” rating and a $18.00 price objective on the stock. Truist Financial increased their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Finally, Wells Fargo & Company decreased 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. 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $15.13.

Rivian Automotive Stock Down 2.5 %

The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm’s 50 day simple moving average is $13.51 and its 200 day simple moving average is $12.74. The company has a market cap of $12.74 billion, a price-to-earnings ratio of -2.23 and a beta of 2.04.

Insider Buying and Selling at Rivian Automotive

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company increased its position in shares of Rivian Automotive by 90.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 72,313 shares of the electric vehicle automaker’s stock valued at $970,000 after purchasing an additional 34,303 shares during the period. Cetera Investment Advisers boosted its stake in Rivian Automotive by 9.5% during the second quarter. Cetera Investment Advisers now owns 210,381 shares of the electric vehicle automaker’s stock valued at $2,823,000 after buying an additional 18,243 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in Rivian Automotive during the second quarter worth about $550,000. Handelsbanken Fonder AB raised its position in Rivian Automotive by 7.6% in the third quarter. Handelsbanken Fonder AB now owns 163,700 shares of the electric vehicle automaker’s stock worth $1,837,000 after acquiring an additional 11,600 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Rivian Automotive by 40.4% in the 3rd quarter. GAMMA Investing LLC now owns 4,871 shares of the electric vehicle automaker’s stock valued at $55,000 after acquiring an additional 1,401 shares during the last quarter. Institutional investors and hedge funds 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.