Rivian Automotive (NASDAQ:RIVN) Trading Down 4% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were down 4% during trading on Monday . The stock traded as low as $13.02 and last traded at $13.10. Approximately 6,721,732 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 39,591,680 shares. The stock had previously closed at $13.65.

Analysts Set New Price Targets

Several research firms have issued reports on RIVN. Piper Sandler decreased their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. Guggenheim decreased 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 note on Wednesday, November 6th. Bank of America lowered Rivian Automotive from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $20.00 to $13.00 in a research note on Friday, November 8th. Barclays lowered their target price on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. Finally, Baird R W downgraded shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. 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. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average price target of $15.74.

Rivian Automotive Trading Down 1.4 %

The company’s fifty day moving average is $11.81 and its two-hundred day moving average is $12.86. 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 stock has a market cap of $13.74 billion, a price-to-earnings ratio of -2.40 and a beta of 2.12.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was 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 in the company, valued at $11,784,877.65. This trade represents a 7.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 256,000 shares of company stock valued at $3,312,443. Corporate insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently made changes to their positions in RIVN. Baillie Gifford & Co. increased its stake in Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after buying an additional 17,341,786 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Rivian Automotive by 153.2% in the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after purchasing an additional 3,285,867 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after acquiring an additional 2,035,831 shares during the period. AQR Capital Management LLC boosted its position in Rivian Automotive by 102.8% during the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after purchasing an additional 1,257,106 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Rivian Automotive by 53.8% in the second quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock valued at $39,889,000 after purchasing an additional 1,039,758 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.