Rivian Automotive (NASDAQ:RIVN) Shares Down 0.9% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) was down 0.9% during mid-day trading on Tuesday . The company traded as low as $11.55 and last traded at $11.76. Approximately 8,227,394 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 39,819,359 shares. The stock had previously closed at $11.87.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RIVN. Guggenheim cut their price target on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. UBS Group decreased their target price on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. The Goldman Sachs Group boosted their target price on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Bank of America downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $20.00 to $13.00 in a research note on Friday, November 8th. Finally, Wells Fargo & Company reduced their target price on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $15.73.

Rivian Automotive Stock Up 0.9 %

The firm has a market capitalization of $12.23 billion, a P/E ratio of -2.10 and a beta of 2.12. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm’s 50-day moving average is $10.67 and its 200 day moving average is $12.49.

Insider Activity

In other Rivian Automotive news, 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 value of $32,196.30. Following the completion of the transaction, the chief financial officer now directly owns 378,498 shares in the company, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 261,307 shares of company stock worth $3,178,479 over the last three months. Corporate insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of the stock. Assenagon Asset Management S.A. raised its holdings in Rivian Automotive by 1.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after acquiring an additional 604 shares during the period. First Horizon Advisors Inc. increased its stake in Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after acquiring an additional 670 shares during the last quarter. GAMMA Investing LLC lifted its stake in Rivian Automotive by 28.0% during the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock worth $47,000 after purchasing an additional 760 shares during the last quarter. Certuity LLC boosted its holdings in shares of Rivian Automotive by 8.1% in the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after purchasing an additional 815 shares in the last quarter. Finally, Sanders Morris Harris LLC increased its stake in shares of Rivian Automotive by 8.9% in the 2nd quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock valued at $136,000 after purchasing an additional 823 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.