Rivian Automotive (NASDAQ:RIVN) Shares Down 4.3% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded down 4.3% during mid-day trading on Friday . The company traded as low as $9.71 and last traded at $9.87. 29,967,432 shares changed hands during trading, a decline of 24% from the average session volume of 39,453,906 shares. The stock had previously closed at $10.31.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on RIVN. Bank of America cut shares of Rivian Automotive from a “buy” rating to a “neutral” rating and dropped their price target for the company from $20.00 to $13.00 in a research note on Friday, November 8th. UBS Group reduced their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Morgan Stanley cut Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $16.00 to $13.00 in a report on Wednesday, September 25th. Needham & Company LLC reduced their target price on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $14.00 price target on shares of Rivian Automotive in a research note on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $15.73.

Rivian Automotive Stock Performance

The firm’s 50 day moving average price is $11.09 and its two-hundred day moving average price is $12.41. The firm has a market cap of $10.14 billion, a PE ratio of -1.80 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a quick ratio of 4.01 and a current ratio of 5.09.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This represents a 8.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.51% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently bought and sold shares of RIVN. Assenagon Asset Management S.A. increased its position in shares of Rivian Automotive by 1.7% during the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after acquiring an additional 604 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after purchasing an additional 670 shares during the last quarter. GAMMA Investing LLC raised its position in Rivian Automotive by 28.0% in the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after purchasing an additional 760 shares during the period. Certuity LLC boosted its position in shares of Rivian Automotive by 8.1% during the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock worth $145,000 after buying an additional 815 shares during the period. Finally, Sanders Morris Harris LLC grew its stake in shares of Rivian Automotive by 8.9% in the second quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock valued at $136,000 after buying an additional 823 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.