Rivian Automotive (NASDAQ:RIVN) Shares Down 4.3% - Here's What Happened

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) dropped 4.3% during mid-day trading on Friday . The company traded as low as $9.71 and last traded at $9.87. Approximately 29,967,432 shares traded hands during trading, a decline of 24% from the average daily volume of 39,453,906 shares. The stock had previously closed at $10.31.

Analysts Set New Price Targets

RIVN has been the subject of a number of recent research reports. The Goldman Sachs Group boosted their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a "neutral" rating in a research report on Thursday. Wolfe Research started coverage on Rivian Automotive in a research report on Thursday, September 5th. They issued a "peer perform" rating on the stock. JPMorgan Chase & Co. cut their target price on Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating for the company in a research report on Tuesday, October 22nd. Canaccord Genuity Group decreased their target price on Rivian Automotive from $30.00 to $28.00 and set a "buy" rating on the stock in a research note on Monday, October 7th. Finally, Barclays dropped their price target on Rivian Automotive from $16.00 to $13.00 and set an "equal weight" rating for the company in a research note on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $15.73.

Rivian Automotive Trading Down 5.1 %

The company's 50 day moving average price is $11.15 and its two-hundred day moving average price is $12.38. The firm has a market cap of $9.86 billion, a PE ratio of -1.76 and a beta of 2.04. The company has a quick ratio of 4.01, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of the firm's stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares in the company, valued at approximately $10,319,162.64. This trade represents a 8.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.51% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RIVN. Empowered Funds LLC purchased a new position in Rivian Automotive in the 1st quarter worth about $111,000. Bleakley Financial Group LLC increased its stake in Rivian Automotive by 127.1% in the 1st quarter. Bleakley Financial Group LLC now owns 22,357 shares of the electric vehicle automaker's stock worth $245,000 after buying an additional 12,514 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Rivian Automotive by 14.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 501,055 shares of the electric vehicle automaker's stock worth $5,487,000 after buying an additional 62,199 shares during the period. Kingsview Wealth Management LLC increased its stake in 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 buying an additional 2,101 shares during the period. Finally, Mizuho Markets Americas LLC increased its stake 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 during the period. Hedge funds and other institutional investors own 66.25% of the company's stock.

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.

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