Rivian Automotive (NASDAQ:RIVN) Stock Price Down 4.5% - Here's What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price traded down 4.5% during trading on Monday . The stock traded as low as $13.08 and last traded at $13.23. 9,562,847 shares were traded during mid-day trading, a decline of 79% from the average session volume of 44,834,777 shares. The stock had previously closed at $13.85.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on RIVN shares. Cantor Fitzgerald reissued an "overweight" rating and set a $13.00 price objective on shares of Rivian Automotive in a report on Monday, January 6th. Wells Fargo & Company cut their target price on shares of Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 15th. Benchmark initiated coverage on shares of Rivian Automotive in a research note on Monday, December 9th. They set a "buy" rating and a $18.00 price target on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating for the company in a research note on Tuesday, October 22nd. Finally, The Goldman Sachs Group increased their target price on Rivian Automotive from $10.00 to $12.00 and gave the stock a "neutral" rating in a research report on Thursday, November 14th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $15.48.

Rivian Automotive Trading Down 2.6 %

The firm's 50-day simple moving average is $12.60 and its 200-day simple moving average is $13.06. The firm has a market capitalization of $13.77 billion, a PE ratio of -2.41 and a beta of 2.05. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the sale, the chief financial officer now directly owns 378,498 shares in the company, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 327,429 shares of company stock worth $4,467,450 in the last ninety days. 2.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its holdings in shares of Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock worth $51,693,000 after acquiring an additional 2,035,831 shares during the period. International Assets Investment Management LLC raised its holdings in Rivian Automotive by 1,870.7% in the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker's stock worth $608,000 after purchasing an additional 51,464 shares in the last quarter. Mizuho Markets Americas LLC lifted its position in Rivian Automotive by 30.7% during the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker's stock valued at $5,964,000 after buying an additional 124,950 shares during the period. Vontobel Holding Ltd. boosted its holdings in shares of Rivian Automotive by 543.8% during the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker's stock valued at $1,601,000 after buying an additional 120,544 shares in the last quarter. Finally, Renaissance Capital LLC grew its position in shares of 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 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.