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

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

Analyst Upgrades and Downgrades

RIVN has been the topic of several recent analyst reports. Truist Financial raised their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Wells Fargo & Company lowered their price objective 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. Robert W. Baird reiterated a “neutral” rating and set a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Mizuho lowered their price target on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Finally, Needham & Company LLC reduced their price objective on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and a consensus target price of $15.48.

Rivian Automotive Stock Down 6.5 %

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 simple moving average is $13.08 and its 200 day simple moving average is $13.04.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive 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 completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction 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 represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 327,429 shares of company stock worth $4,467,450. Insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of large investors have recently modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive during the 3rd quarter valued at $28,000. GHP Investment Advisors Inc. increased its stake in shares of Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 1,002 shares during the period. American Capital Advisory LLC raised its holdings in shares of 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 valued at $33,000 after acquiring an additional 2,111 shares in the last quarter. Hantz Financial Services Inc. lifted its stake in Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after acquiring an additional 2,900 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in Rivian Automotive during the 3rd quarter worth about $44,000. Hedge funds and other 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.