Rivian Automotive (NASDAQ:RIVN) Shares Down 2.7% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 2.7% during trading on Friday . The stock traded as low as $13.75 and last traded at $13.82. 9,755,828 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 39,862,438 shares. The stock had previously closed at $14.20.

Analyst Ratings Changes

RIVN has been the subject of several research reports. The Goldman Sachs Group raised their price target on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Morgan Stanley downgraded shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $16.00 to $13.00 in a research report on Wednesday, September 25th. Guggenheim cut their price target on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Wolfe Research assumed coverage on shares of Rivian Automotive in a research note on Thursday, September 5th. They set a “peer perform” rating for the company. Finally, Benchmark started coverage on Rivian Automotive in a research report on Monday, December 9th. They issued a “buy” rating and a $18.00 target price on the stock. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $15.83.

Rivian Automotive Stock Up 1.2 %

The firm has a market cap of $14.67 billion, a P/E ratio of -2.57 and a beta of 2.12. The firm’s fifty day moving average is $11.08 and its 200 day moving average is $12.66. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 3,210 shares of the 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 transaction, the chief financial officer now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. The trade was a 8.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 177,974 shares of company stock worth $2,038,483 over the last three months. Insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. raised its stake in Rivian Automotive by 79.2% in the 3rd 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. International Assets Investment Management LLC increased its holdings 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 purchasing an additional 51,464 shares during the period. Mizuho Markets Americas LLC increased its holdings in shares of Rivian Automotive by 30.7% during the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock worth $5,964,000 after purchasing an additional 124,950 shares during the period. Vontobel Holding Ltd. raised its position in shares of Rivian Automotive by 543.8% in the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock valued at $1,601,000 after buying an additional 120,544 shares in the last quarter. Finally, Renaissance Capital LLC boosted its stake in shares of Rivian Automotive by 20.0% in the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock valued at $9,958,000 after buying an additional 148,197 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.