Rivian Automotive (NASDAQ:RIVN) Shares Down 2.1% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were down 2.1% on Wednesday . The stock traded as low as $13.29 and last traded at $13.30. Approximately 40,560,926 shares changed hands during trading, an increase of 2% from the average daily volume of 39,645,727 shares. The stock had previously closed at $13.58.

Analyst Upgrades and Downgrades

RIVN has been the topic of several research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $19.00 price target on shares of Rivian Automotive in a research note on Monday, September 30th. Wells Fargo & Company decreased their target price on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. JPMorgan Chase & Co. dropped their price target 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. Morgan Stanley downgraded Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $16.00 to $13.00 in a research note on Wednesday, September 25th. Finally, Stifel Nicolaus lowered their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $15.74.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The stock has a market capitalization of $13.52 billion, a PE ratio of -2.37 and a beta of 2.12. The firm has a fifty day moving average price of $12.06 and a two-hundred day moving average price of $12.90.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $9,712,811.25. The trade was a 8.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was 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 in the company, valued at approximately $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 have sold 256,000 shares of company stock valued at $3,312,443 in the last quarter. 2.51% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Certuity LLC lifted its stake in Rivian Automotive by 8.1% in the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock worth $145,000 after acquiring an additional 815 shares during the period. John G Ullman & Associates Inc. raised its holdings in shares of Rivian Automotive by 9.1% in the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock valued at $135,000 after purchasing an additional 1,000 shares in the last quarter. GHP Investment Advisors Inc. lifted its position in shares of Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 1,002 shares during the period. Intech Investment Management LLC boosted its stake in shares of Rivian Automotive by 1.4% during 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 purchasing an additional 1,055 shares in the last quarter. Finally, Tradition Wealth Management LLC increased its holdings in Rivian Automotive by 11.9% during the third quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock valued at $132,000 after buying an additional 1,250 shares during the period. 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.