Rivian Automotive (NASDAQ:RIVN) Stock Price Down 5.7% – Here’s Why

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 5.7% on Thursday . The stock traded as low as $11.22 and last traded at $11.34. Approximately 15,313,099 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 39,201,938 shares. The stock had previously closed at $12.03.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of recent research reports. Wedbush reaffirmed an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a research note on Friday, November 8th. 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. Morgan Stanley lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a research note on Tuesday, September 10th. Finally, Guggenheim lowered their price objective on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. 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. According to data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and a consensus price target of $15.73.

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 4.01. The company has a market capitalization of $10.55 billion, a P/E ratio of -1.91 and a beta of 2.04. The firm’s 50-day moving average is $11.22 and its 200-day moving average is $12.39.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 169,876 shares of company stock valued at $2,153,551 in the last ninety days. Corporate insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Several hedge funds have recently modified their holdings of the stock. Empowered Funds LLC purchased a new stake in Rivian Automotive in the 1st quarter valued at approximately $111,000. Bleakley Financial Group LLC increased its position in shares of Rivian Automotive by 127.1% during the first quarter. Bleakley Financial Group LLC now owns 22,357 shares of the electric vehicle automaker’s stock worth $245,000 after acquiring an additional 12,514 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Rivian Automotive by 14.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 501,055 shares of the electric vehicle automaker’s stock valued at $5,487,000 after buying an additional 62,199 shares during the last quarter. Kingsview Wealth Management LLC lifted its holdings in shares of Rivian Automotive by 21.0% in the 1st quarter. Kingsview Wealth Management LLC now owns 12,109 shares of the electric vehicle automaker’s stock worth $133,000 after purchasing an additional 2,101 shares during the last quarter. Finally, Mizuho Markets Americas LLC grew its holdings in Rivian Automotive by 44.0% in the 1st quarter. Mizuho Markets Americas LLC now owns 511,713 shares of the electric vehicle automaker’s stock worth $5,603,000 after buying an additional 156,245 shares in the last quarter. 66.25% of the stock is currently 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.