Rivian Automotive (NASDAQ:RIVN) Shares Down 1.7% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) was down 1.7% during mid-day trading on Tuesday . The company traded as low as $15.08 and last traded at $15.45. Approximately 16,861,422 shares traded hands during trading, a decline of 70% from the average daily volume of 56,759,730 shares. The stock had previously closed at $15.72.

Analysts Set New Price Targets

Several brokerages have commented on RIVN. The Goldman Sachs Group lifted their price objective 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. Stifel Nicolaus lowered their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, November 11th. Guggenheim reduced their price objective on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Piper Sandler decreased their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, November 8th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $15.48.

Rivian Automotive Trading Down 4.9 %

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock’s fifty day moving average price is $12.37 and its two-hundred day moving average price is $13.03. The stock has a market capitalization of $14.50 billion, a P/E ratio of -2.54 and a beta of 2.05.

Insider Activity

In related news, CFO Claire Mcdonough sold 18,501 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.00, for a total value of $277,515.00. Following the sale, the chief financial officer now directly owns 351,900 shares of the company’s stock, valued at $5,278,500. This trade represents a 4.99 % 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 71,429 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $13,960,547.37. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, 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 have recently made changes to their positions in RIVN. Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive in the third quarter valued at $28,000. GHP Investment Advisors Inc. boosted its stake in shares of 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 purchasing an additional 1,002 shares in the last quarter. American Capital Advisory LLC increased its position in shares of Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after buying an additional 2,111 shares during the period. Hantz Financial Services Inc. raised 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 buying an additional 2,900 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in Rivian Automotive in the third quarter worth about $44,000. 66.25% of the stock is owned by hedge funds and other 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.