Rivian Automotive (NASDAQ:RIVN) Stock Price Down 4.5% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded down 4.5% during mid-day trading on Monday . The stock traded as low as $15.71 and last traded at $15.75. 24,229,797 shares were traded during mid-day trading, a decline of 58% from the average session volume of 57,862,156 shares. The stock had previously closed at $16.49.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on RIVN shares. Royal Bank of Canada lowered their target price on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Guggenheim cut their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Piper Sandler lowered their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, November 8th. Wells Fargo & Company cut their price target on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Finally, Mizuho dropped their target price on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. 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.com, the stock currently has an average rating of “Hold” and a consensus target price of $15.48.

Rivian Automotive Price Performance

The company’s 50-day simple moving average is $12.37 and its 200-day simple moving average is $13.03. 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 $14.50 billion, a price-to-earnings ratio of -2.54 and a beta of 2.05.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 8,097 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total transaction of $98,783.40. Following the transaction, the chief financial officer now directly owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. This trade represents a 2.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction that occurred on 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 owns 863,361 shares of the company’s stock, 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. In the last ninety days, insiders sold 327,429 shares of company stock valued at $4,467,450. Insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Nordea Investment Management AB increased its position in shares of Rivian Automotive by 12.1% in the fourth quarter. Nordea Investment Management AB now owns 63,074 shares of the electric vehicle automaker’s stock worth $901,000 after purchasing an additional 6,817 shares during the period. Everence Capital Management Inc. bought a new position in Rivian Automotive in the 4th quarter valued at about $380,000. GAMMA Investing LLC increased its holdings in Rivian Automotive by 82.6% in 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 period. B. Riley Wealth Advisors Inc. lifted its holdings 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 lifted its holdings in shares of Rivian Automotive by 28.8% during 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 period. 66.25% of the stock is owned by institutional investors and hedge funds.

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.