Rivian Automotive (NASDAQ:RIVN) Trading Down 0.1% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was down 0.1% during trading on Wednesday . The company traded as low as $12.73 and last traded at $12.86. Approximately 5,036,912 shares were traded during trading, a decline of 86% from the average daily volume of 35,135,016 shares. The stock had previously closed at $12.87.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RIVN. Truist Financial lifted their target price on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Wells Fargo & Company reduced their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Bank of America downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $20.00 to $13.00 in a research report on Friday, November 8th. Stifel Nicolaus reduced their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 11th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and an average price target of $15.13.

Rivian Automotive Stock Performance

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 company has a market cap of $12.74 billion, a P/E ratio of -2.23 and a beta of 2.04. The firm has a 50 day moving average price of $13.51 and a 200-day moving average price of $12.74.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 3,210 shares of the business’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 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 363,142 shares of company stock valued at $4,958,860 over the last 90 days. 2.51% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently bought and sold shares of RIVN. Charles Schwab Investment Management Inc. grew its position in Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after buying an additional 2,035,831 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of Rivian Automotive by 1,870.7% during the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock worth $608,000 after purchasing an additional 51,464 shares in the last quarter. Mizuho Markets Americas LLC increased its position in shares of Rivian Automotive by 30.7% during the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock valued at $5,964,000 after purchasing an additional 124,950 shares during the period. Vontobel Holding Ltd. raised its stake in shares of Rivian Automotive by 543.8% in the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock valued at $1,601,000 after purchasing an additional 120,544 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in Rivian Automotive by 42.7% in the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock worth $2,404,000 after purchasing an additional 54,053 shares during the period. 66.25% of the stock is owned by institutional investors.

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.