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

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 4.5% on Monday . The stock traded as low as $13.08 and last traded at $13.23. 9,562,847 shares were traded during trading, a decline of 79% from the average session volume of 44,834,777 shares. The stock had previously closed at $13.85.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on RIVN shares. JPMorgan Chase & Co. cut their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research report on Tuesday, October 22nd. Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Piper Sandler lowered their price objective on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. Morgan Stanley cut Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. Finally, Needham & Company LLC dropped their price objective on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $15.48.

Rivian Automotive Trading Up 4.5 %

The firm has a market capitalization of $14.23 billion, a price-to-earnings ratio of -2.49 and a beta of 2.05. The business’s 50-day moving average price is $12.72 and its 200 day moving average price is $13.06. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $13.65, for a total value of $975,005.85. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $11,784,877.65. This trade represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Monday, November 18th. The shares were 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 owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 327,429 shares of company stock valued at $4,467,450 in the last ninety days. 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 modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new position in shares of Rivian Automotive in the third quarter worth $28,000. GHP Investment Advisors Inc. increased its stake in 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 valued at $29,000 after buying an additional 1,002 shares during the period. American Capital Advisory LLC raised its position in shares of Rivian Automotive by 267.6% during the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after buying an additional 2,111 shares in the last quarter. Hantz Financial Services Inc. lifted 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 worth $34,000 after acquiring an additional 2,900 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in shares of Rivian Automotive in the third quarter valued at approximately $44,000. Institutional investors and hedge funds 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.