Rivian Automotive (NASDAQ:RIVN) Trading Down 1.3% – Here’s What Happened

by · The Cerbat Gem

Rivian Automotive, Inc. (NASDAQ:RIVNGet Free Report)’s stock price traded down 1.3% during mid-day trading on Wednesday . The company traded as low as $14.32 and last traded at $14.76. 26,410,092 shares traded hands during mid-day trading, a decline of 9% from the average session volume of 28,897,070 shares. The stock had previously closed at $14.96.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. DA Davidson boosted their target price on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 11th. Canaccord Genuity Group reissued a “buy” rating on shares of Rivian Automotive in a report on Monday, December 15th. Tigress Financial upped their price objective on shares of Rivian Automotive from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, November 14th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Rivian Automotive in a research report on Monday. Finally, Wedbush lifted their price target on shares of Rivian Automotive from $16.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, December 19th. Eight research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and seven have given a Sell rating to the company’s stock. According to data from MarketBeat, Rivian Automotive has an average rating of “Hold” and an average target price of $16.74.

Get Our Latest Stock Analysis on Rivian Automotive

Rivian Automotive Stock Down 1.3%

The firm has a 50-day simple moving average of $17.80 and a 200 day simple moving average of $15.29. The company has a market capitalization of $18.09 billion, a PE ratio of -4.75 and a beta of 1.76. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of the business’s stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $16.03, for a total value of $279,723.50. Following the transaction, the chief executive officer owned 1,115,209 shares in the company, valued at $17,876,800.27. The trade was a 1.54% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Peter Krawiec sold 3,655 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $19.45, for a total value of $71,089.75. Following the sale, the director owned 29,122 shares of the company’s stock, valued at $566,422.90. This represents a 11.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 120,154 shares of company stock valued at $2,143,724 in the last quarter. Company insiders own 2.16% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its holdings in shares of Rivian Automotive by 15.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock valued at $80,376,000 after acquiring an additional 799,030 shares during the last quarter. XTX Topco Ltd bought a new position in Rivian Automotive during the second quarter worth $1,324,000. Farther Finance Advisors LLC boosted its holdings in Rivian Automotive by 227.0% in the third quarter. Farther Finance Advisors LLC now owns 117,096 shares of the electric vehicle automaker’s stock worth $1,719,000 after purchasing an additional 81,291 shares during the period. Y Intercept Hong Kong Ltd increased its stake in Rivian Automotive by 244.1% during the third quarter. Y Intercept Hong Kong Ltd now owns 1,624,707 shares of the electric vehicle automaker’s stock valued at $23,851,000 after purchasing an additional 1,152,551 shares during the last quarter. Finally, Tableaux LLC acquired a new stake in shares of Rivian Automotive during the second quarter worth $3,435,000. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

(Get Free Report)

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.

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