Rivian Automotive (NASDAQ:RIVN) Trading Down 6.3% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) fell 6.3% on Tuesday . The stock traded as low as $12.99 and last traded at $13.32. 21,947,669 shares were traded during mid-day trading, a decline of 49% from the average session volume of 42,941,668 shares. The stock had previously closed at $14.21.

Analyst Ratings Changes

RIVN has been the topic of several recent research reports. Benchmark initiated coverage on Rivian Automotive in a research report on Monday, December 9th. They set a “buy” rating and a $18.00 price target on the stock. Robert W. Baird reaffirmed a “neutral” rating and set a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Morgan Stanley cut shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $16.00 to $13.00 in a research report on Wednesday, September 25th. Mizuho cut their price target on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Finally, Royal Bank of Canada cut their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. One equities 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 company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $15.48.

Rivian Automotive Stock Down 6.8 %

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The company has a market cap of $13.52 billion, a price-to-earnings ratio of -2.36 and a beta of 2.05. The business has a fifty day moving average price of $13.03 and a two-hundred day moving average price of $13.05.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 18,501 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.00, for a total transaction of $277,515.00. Following the transaction, the chief financial officer now owns 351,900 shares in the company, valued at approximately $5,278,500. The trade was a 4.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $9,712,811.25. This trade represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 327,429 shares of company stock valued at $4,467,450 in the last three months. Corporate insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently modified their holdings of the company. Wilmington Savings Fund Society FSB acquired a new stake in Rivian Automotive during the third quarter worth $28,000. GHP Investment Advisors Inc. increased its stake 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 valued at $29,000 after acquiring an additional 1,002 shares during the period. American Capital Advisory LLC raised its position in Rivian Automotive by 267.6% in the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 2,111 shares in the last quarter. Hantz Financial Services Inc. lifted its position in shares of Rivian Automotive by 2,636.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after buying an additional 2,900 shares during the period. Finally, Capital Performance Advisors LLP bought a new stake in Rivian Automotive in the third quarter valued at $44,000. 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.