Rivian Automotive (NASDAQ:RIVN) Trading Down 4.5% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 4.5% during mid-day trading on Monday . The company traded as low as $13.08 and last traded at $13.23. 9,562,847 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 44,834,777 shares. The stock had previously closed at $13.85.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of research reports. Bank of America cut Rivian Automotive from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $20.00 to $13.00 in a research note on Friday, November 8th. Cantor Fitzgerald restated an “overweight” rating and set a $13.00 target price on shares of Rivian Automotive in a report on Monday, January 6th. Wedbush reaffirmed an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a research report on Friday, November 8th. Needham & Company LLC reduced their price target on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Finally, Royal Bank of Canada dropped their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive has an average rating of “Hold” and an average price target of $15.48.

Rivian Automotive Price Performance

The stock’s 50-day moving average is $12.60 and its 200 day moving average is $13.06. 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 stock has a market capitalization of $13.62 billion, a PE ratio of -2.38 and a beta of 2.05.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $9,712,811.25. This trade represents a 8.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 8,097 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the transaction, the chief financial officer now directly owns 370,401 shares in the company, valued at approximately $4,518,892.20. This represents a 2.14 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 327,429 shares of company stock valued at $4,467,450. 2.51% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the company. John G Ullman & Associates Inc. raised its stake in shares of Rivian Automotive by 9.1% during the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after buying an additional 1,000 shares in the last quarter. GHP Investment Advisors Inc. raised its position in Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 1,002 shares in the last quarter. Intech Investment Management LLC lifted its holdings in Rivian Automotive by 1.4% in the second quarter. Intech Investment Management LLC now owns 76,967 shares of the electric vehicle automaker’s stock valued at $1,033,000 after acquiring an additional 1,055 shares during the period. Tradition Wealth Management LLC boosted its position in shares of Rivian Automotive by 11.9% during the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock worth $132,000 after purchasing an additional 1,250 shares in the last quarter. Finally, Regal Investment Advisors LLC grew its stake in shares of Rivian Automotive by 7.0% during the 2nd quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker’s stock worth $262,000 after purchasing an additional 1,281 shares during the period. 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.