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

Rivian Automotive, Inc. (NASDAQ:RIVN) shares dropped 0.9% on Tuesday . The company traded as low as $11.55 and last traded at $11.76. Approximately 8,227,394 shares changed hands during trading, a decline of 79% from the average daily volume of 39,819,359 shares. The stock had previously closed at $11.87.

Analysts Set New Price Targets

Several brokerages have commented on RIVN. Morgan Stanley cut shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. Truist Financial lowered their target price on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a research note on Wednesday, October 16th. Robert W. Baird decreased their price objective on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Friday, November 8th. Needham & Company LLC dropped their target price on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a research report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $15.73.

Rivian Automotive Stock Performance

The firm has a market capitalization of $12.23 billion, a PE ratio of -2.10 and a beta of 2.12. 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 firm has a 50-day moving average price of $10.67 and a 200 day moving average price of $12.49.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 8,097 shares of Rivian Automotive stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total value of $98,783.40. Following the transaction, the chief financial officer now directly owns 370,401 shares of the company’s stock, valued at $4,518,892.20. The trade was a 2.14 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $10,319,162.64. This represents a 8.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 261,307 shares of company stock valued at $3,178,479. 2.51% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently added to or reduced their stakes in the stock. Comerica Bank raised its holdings in Rivian Automotive by 60.8% in the 1st quarter. Comerica Bank now owns 22,886 shares of the electric vehicle automaker’s stock valued at $251,000 after acquiring an additional 8,653 shares during the last quarter. Cetera Investment Advisers boosted its holdings in shares of Rivian Automotive by 151.5% in the first quarter. Cetera Investment Advisers now owns 192,138 shares of the electric vehicle automaker’s stock worth $2,104,000 after buying an additional 115,741 shares during the period. Cetera Advisors LLC lifted its position in shares of Rivian Automotive by 108.3% in the first quarter. Cetera Advisors LLC now owns 84,409 shares of the electric vehicle automaker’s stock worth $924,000 after purchasing an additional 43,882 shares in the last quarter. DekaBank Deutsche Girozentrale increased its stake in Rivian Automotive by 2.5% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 384,101 shares of the electric vehicle automaker’s stock valued at $4,149,000 after buying an additional 9,508 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 2,380 shares in 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.