Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.6% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 1.6% during trading on Monday . The company traded as low as $14.19 and last traded at $14.21. Approximately 64,966,337 shares were traded during trading, an increase of 93% from the average daily volume of 33,747,016 shares. The stock had previously closed at $14.44.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RIVN. The Goldman Sachs Group boosted their price target on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Wedbush reissued an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a research note on Friday, November 8th. UBS Group lifted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Thursday. Benchmark began coverage on shares of Rivian Automotive in a research note on Monday, December 9th. They issued a “buy” rating and a $18.00 price target for the company. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $15.48.

Rivian Automotive Stock Performance

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 stock has a market capitalization of $14.50 billion, a price-to-earnings ratio of -2.54 and a beta of 2.05. The firm has a fifty day moving average of $12.96 and a 200-day moving average of $13.05.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total value 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 represents a 0.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 327,429 shares of company stock worth $4,467,450. Insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive during the 3rd quarter worth $28,000. GHP Investment Advisors Inc. grew its holdings in shares of Rivian Automotive by 63.2% during 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. American Capital Advisory LLC lifted its position in Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after buying an additional 2,111 shares in the last quarter. Hantz Financial Services Inc. raised its stake in shares of Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after acquiring an additional 2,900 shares during the period. Finally, Capital Performance Advisors LLP acquired a new position in shares of Rivian Automotive during the third quarter worth about $44,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.