Rivian Automotive (NASDAQ:RIVN) Trading Down 1.7% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was down 1.7% during trading on Tuesday . The company traded as low as $15.08 and last traded at $15.45. Approximately 16,861,422 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 56,759,730 shares. The stock had previously closed at $15.72.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on RIVN shares. JPMorgan Chase & Co. decreased their price objective on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 22nd. Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Wedbush reaffirmed an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $14.00 price target on shares of Rivian Automotive in a research report on Tuesday, September 10th. Finally, Benchmark initiated coverage on Rivian Automotive in a research report on Monday, December 9th. They issued a “buy” rating and a $18.00 price objective on the stock. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and a consensus target price of $15.48.

Rivian Automotive Stock Performance

The firm has a market cap of $15.38 billion, a P/E ratio of -2.69 and a beta of 2.05. The business’s fifty day simple moving average is $12.28 and its 200-day simple moving average is $13.00. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,097 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the completion of the transaction, the chief financial officer now owns 370,401 shares in the company, valued at approximately $4,518,892.20. This represents a 2.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total transaction of $991,434.52. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,983,450.68. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 256,000 shares of company stock valued at $3,312,443 over the last ninety days. 2.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Baillie Gifford & Co. raised its holdings in Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after buying an additional 17,341,786 shares during the last quarter. Geode Capital Management LLC lifted its position in Rivian Automotive by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock valued at $145,550,000 after acquiring an additional 223,860 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Rivian Automotive by 153.2% during 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 during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of 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. Finally, abrdn plc raised its stake in shares of Rivian Automotive by 17.8% in the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock worth $38,587,000 after purchasing an additional 518,561 shares during the last quarter. Hedge funds and other 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.