Rivian Automotive (NASDAQ:RIVN) Stock Price Down 0.9% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price fell 0.9% during mid-day trading on Friday . The company traded as low as $13.76 and last traded at $14.08. 8,622,688 shares traded hands during trading, a decline of 82% from the average session volume of 48,416,117 shares. The stock had previously closed at $14.21.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of recent analyst reports. Barclays cut their price target on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Guggenheim cut their target price on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. JPMorgan Chase & Co. decreased their price target 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. Wedbush reissued an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a report on Friday, November 8th. Finally, Wells Fargo & Company dropped their price target on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $15.48.

Rivian Automotive Stock Down 2.5 %

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’s 50 day simple moving average is $12.60 and its 200 day simple moving average is $13.08. The firm has a market cap of $14.14 billion, a P/E ratio of -2.47 and a beta of 2.05.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,784,877.65. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 327,429 shares of company stock valued at $4,467,450. 2.51% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

Hedge funds have recently bought and sold shares of the business. Nordea Investment Management AB grew its position in shares of Rivian Automotive by 12.1% during the 4th quarter. Nordea Investment Management AB now owns 63,074 shares of the electric vehicle automaker’s stock valued at $901,000 after acquiring an additional 6,817 shares during the period. Everence Capital Management Inc. bought a new stake in shares of Rivian Automotive in the fourth quarter valued at $380,000. GAMMA Investing LLC lifted its position in shares of Rivian Automotive by 82.6% during the 4th quarter. GAMMA Investing LLC now owns 8,893 shares of the electric vehicle automaker’s stock valued at $118,000 after buying an additional 4,022 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its stake in shares of Rivian Automotive by 72.2% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 89,764 shares of the electric vehicle automaker’s stock worth $994,000 after acquiring an additional 37,647 shares during the period. Finally, Tidal Investments LLC increased its holdings in Rivian Automotive by 28.8% in the 3rd quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker’s stock worth $3,018,000 after acquiring an additional 60,205 shares during the last quarter. 66.25% of the stock is currently 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.