Rivian Automotive (NASDAQ:RIVN) Shares Down 2% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price fell 2% during trading on Tuesday . The stock traded as low as $12.60 and last traded at $12.74. 4,570,925 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 32,663,564 shares. The stock had previously closed at $12.99.

Analysts Set New Price Targets

A number of analysts have issued reports on RIVN shares. Piper Sandler decreased their price target on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, November 8th. JPMorgan Chase & Co. decreased their target price on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Tuesday, October 22nd. Truist Financial increased their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. UBS Group upped their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a report on Thursday, January 16th. Finally, Mizuho dropped their target price on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $15.13.

Rivian Automotive Trading Down 4.1 %

The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company’s fifty day moving average price is $13.53 and its two-hundred day moving average price is $12.62. The firm has a market cap of $12.71 billion, a PE ratio of -2.23 and a beta of 2.04.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the 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 owns 378,498 shares of the company’s stock, valued at $3,796,334.94. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, 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

Several hedge funds and other institutional investors have recently made changes to their positions in RIVN. The Manufacturers Life Insurance Company lifted its position in shares of Rivian Automotive by 90.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 72,313 shares of the electric vehicle automaker’s stock valued at $970,000 after acquiring an additional 34,303 shares during the period. Sanctuary Advisors LLC acquired a new position in Rivian Automotive during the second quarter worth $550,000. GAMMA Investing LLC boosted its position in Rivian Automotive by 40.4% during the third quarter. GAMMA Investing LLC now owns 4,871 shares of the electric vehicle automaker’s stock worth $55,000 after purchasing an additional 1,401 shares in the last quarter. Atomi Financial Group Inc. acquired a new stake in Rivian Automotive in the third quarter valued at $128,000. Finally, CWM LLC increased its position in shares of Rivian Automotive by 15.6% in the third quarter. CWM LLC now owns 46,116 shares of the electric vehicle automaker’s stock valued at $517,000 after buying an additional 6,234 shares in the last quarter. Institutional investors and hedge funds 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.