Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.9% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price dropped 1.9% during mid-day trading on Monday . The company traded as low as $17.04 and last traded at $17.61. Approximately 41,509,782 shares changed hands during trading, an increase of 8% from the average daily volume of 38,332,402 shares. The stock had previously closed at $17.95.

Analyst Ratings Changes

A number of brokerages recently issued reports on RIVN. DA Davidson lifted their target price on Rivian Automotive from $13.00 to $15.00 and gave the company a “neutral” rating in a research report on Tuesday, November 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rivian Automotive in a report on Wednesday, October 8th. Morgan Stanley restated an “underweight” rating and set a $12.00 target price on shares of Rivian Automotive in a report on Monday. UBS Group raised their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Monday, October 6th. Finally, The Goldman Sachs Group cut their price target on shares of Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. Six investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and six have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $14.34.

Rivian Automotive Stock Performance

The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87. The stock’s fifty day moving average is $14.65 and its two-hundred day moving average is $13.98. The firm has a market capitalization of $21.64 billion, a price-to-earnings ratio of -5.68 and a beta of 1.79.

Insider Activity

In other news, CEO Robert J. Scaringe sold 52,350 shares of the company’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total value of $869,010.00. Following the sale, the chief executive officer directly owned 1,246,405 shares of the company’s stock, valued at approximately $20,690,323. This represents a 4.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 21,210 shares of the firm’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $17.14, for a total transaction of $363,539.40. Following the completion of the sale, the chief financial officer owned 738,056 shares of the company’s stock, valued at $12,650,279.84. This trade represents a 2.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 133,949 shares of company stock worth $2,129,521 over the last 90 days. 2.16% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RIVN. Allworth Financial LP raised its stake in Rivian Automotive by 179.5% in the 3rd quarter. Allworth Financial LP now owns 30,262 shares of the electric vehicle automaker’s stock valued at $444,000 after acquiring an additional 19,434 shares during the period. Swiss Life Asset Management Ltd increased its holdings in shares of Rivian Automotive by 27.1% in the third quarter. Swiss Life Asset Management Ltd now owns 134,991 shares of the electric vehicle automaker’s stock valued at $1,982,000 after purchasing an additional 28,759 shares during the last quarter. CIBC Private Wealth Group LLC raised its position in shares of Rivian Automotive by 47.7% in the third quarter. CIBC Private Wealth Group LLC now owns 22,018 shares of the electric vehicle automaker’s stock valued at $323,000 after purchasing an additional 7,115 shares during the period. Centaurus Financial Inc. bought a new position in shares of Rivian Automotive in the third quarter valued at about $110,000. Finally, Coldstream Capital Management Inc. lifted its stake in shares of Rivian Automotive by 128.9% during the 3rd quarter. Coldstream Capital Management Inc. now owns 123,865 shares of the electric vehicle automaker’s stock worth $1,818,000 after buying an additional 69,754 shares during the last quarter. 66.25% of the stock is 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.