Rivian Automotive (NASDAQ:RIVN) Shares Down 0.9% – What’s Next?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) fell 0.9% during mid-day trading on Friday . The company traded as low as $13.76 and last traded at $14.08. 8,622,688 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 48,416,117 shares. The stock had previously closed at $14.21.

Analysts Set New Price Targets

RIVN has been the subject of several research reports. Truist Financial reissued a “hold” rating and set a $12.00 price objective on shares of Rivian Automotive in a report on Friday, January 3rd. Cantor Fitzgerald restated an “overweight” rating and issued a $13.00 target price on shares of Rivian Automotive in a report on Monday. Barclays cut their price objective on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. Canaccord Genuity Group reduced their target price on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Finally, Mizuho dropped their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $15.48.

Rivian Automotive Stock Performance

The stock has a fifty day moving average of $12.53 and a 200-day moving average of $13.05. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $14.44 billion, a PE ratio of -2.53 and a beta of 2.05.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 18,501 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $15.00, for a total transaction of $277,515.00. Following the sale, the chief financial officer now owns 351,900 shares of the company’s stock, valued at approximately $5,278,500. This represents a 4.99 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 327,429 shares of company stock valued at $4,467,450. 2.51% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its holdings in Rivian Automotive by 79.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after purchasing an additional 2,035,831 shares during the period. International Assets Investment Management LLC raised its position 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 valued at $608,000 after acquiring an additional 51,464 shares in the last quarter. Mizuho Markets Americas LLC lifted its holdings in Rivian Automotive by 30.7% in the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock worth $5,964,000 after acquiring an additional 124,950 shares during the last quarter. Vontobel Holding Ltd. increased its holdings in shares of Rivian Automotive by 543.8% in the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock worth $1,601,000 after acquiring an additional 120,544 shares during the period. Finally, Renaissance Capital LLC grew its holdings in Rivian Automotive by 20.0% in the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock worth $9,958,000 after buying an additional 148,197 shares in the last quarter. 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.