Rivian Automotive (NASDAQ:RIVN) Shares Gap Down – Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $12.71, but opened at $12.34. Rivian Automotive shares last traded at $12.45, with a volume of 5,534,050 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Barclays increased their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Wednesday, January 22nd. Bank of America downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their price target for the company from $20.00 to $13.00 in a research report on Friday, November 8th. Stifel Nicolaus lowered their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, November 11th. Royal Bank of Canada reduced their price objective on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $15.13.

Rivian Automotive Stock Down 2.3 %

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm’s 50 day moving average price is $13.30 and its two-hundred day moving average price is $12.90. The company has a market cap of $12.67 billion, a P/E ratio of -2.21 and a beta of 2.05.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction on Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $9,712,811.25. The trade was a 8.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, 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 completion of the transaction, the chief financial officer now directly 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 sold a total of 363,142 shares of company stock valued at $4,958,860 over the last ninety days. 2.51% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently bought and sold shares of the company. Baillie Gifford & Co. lifted its stake in shares of Rivian Automotive by 52.5% during 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 in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Rivian Automotive by 1.8% in the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock worth $145,550,000 after acquiring an additional 223,860 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Rivian Automotive by 79.2% in the third 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 purchasing an additional 2,035,831 shares in the last quarter. abrdn plc raised its stake in shares of Rivian Automotive by 17.8% during the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after purchasing an additional 518,561 shares during the period. Finally, Swiss National Bank lifted its holdings in Rivian Automotive by 2.1% during the 3rd quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker’s stock worth $24,665,000 after purchasing an additional 45,200 shares in the last quarter. 66.25% of the stock is owned by 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.