Rivian Automotive (NASDAQ:RIVN) Trading Down 1.8% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was down 1.8% during mid-day trading on Friday . The company traded as low as $12.48 and last traded at $12.57. Approximately 6,447,862 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 33,745,746 shares. The stock had previously closed at $12.80.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of research reports. Truist Financial lifted their price objective on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Needham & Company LLC lowered their target price on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, November 8th. UBS Group boosted their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a report on Thursday, January 16th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $13.00 target price on shares of Rivian Automotive in a research report on Monday, January 6th. Finally, Piper Sandler cut their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $15.13.

Rivian Automotive Trading Down 2.5 %

The firm has a 50 day moving average of $13.51 and a 200 day moving average of $12.74. The firm has a market cap of $12.74 billion, a PE ratio of -2.23 and a beta of 2.04. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the transaction, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 35,713 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,879,847.36. The trade was a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 363,142 shares of company stock worth $4,958,860. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently bought and sold shares of RIVN. Tandem Financial LLC purchased a new position in shares of Rivian Automotive in the fourth quarter worth about $25,000. Bank of Jackson Hole Trust purchased a new position in Rivian Automotive in the 4th quarter worth approximately $27,000. Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive in the third quarter valued at approximately $28,000. GHP Investment Advisors Inc. boosted its stake in shares of Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 1,002 shares during the period. Finally, Bear Mountain Capital Inc. grew its holdings in shares of Rivian Automotive by 208.0% in the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock worth $36,000 after purchasing an additional 1,932 shares during the last quarter. Institutional investors 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.