Rivian Automotive (NASDAQ:RIVN) Shares Down 5.7% - Here's What Happened

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

Analysts Set New Price Targets

RIVN has been the topic of several recent analyst reports. Wedbush reiterated an "outperform" rating and set a $20.00 target price on shares of Rivian Automotive in a research report on Friday, November 8th. Truist Financial lowered their price target on shares of Rivian Automotive from $16.00 to $12.00 and set a "hold" rating for the company in a report on Wednesday, October 16th. Robert W. Baird cut their price objective on Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a research note on Friday, November 8th. Mizuho cut their target price on shares of Rivian Automotive from $15.00 to $12.00 and set a "neutral" rating on the stock in a report on Monday, November 4th. Finally, Wells Fargo & Company cut their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $15.73.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.93, a quick ratio of 4.01 and a current ratio of 5.09. The stock has a market cap of $10.55 billion, a PE ratio of -1.91 and a beta of 2.04. The company's 50-day moving average price is $11.22 and its two-hundred day moving average price is $12.39.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 83,333 shares of the firm's stock in a transaction that occurred on 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 in the company, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed 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 stock was sold at an average price of $13.57, for a total transaction 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 approximately $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction dated 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 directly 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 position. The disclosure for this sale can be found here. Insiders have sold 169,876 shares of company stock valued at $2,153,551 over the last ninety days. 2.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently made changes to their positions in the company. Quent Capital LLC raised its stake in shares of Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker's stock worth $26,000 after purchasing an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker's stock worth $29,000 after purchasing an additional 2,380 shares in the last quarter. GHP Investment Advisors Inc. grew its position in shares of Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker's stock valued at $29,000 after purchasing an additional 1,002 shares in the last quarter. American Capital Advisory LLC lifted its stake in shares of Rivian Automotive by 267.6% in the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker's stock valued at $33,000 after purchasing an additional 2,111 shares during the last quarter. Finally, Hantz Financial Services Inc. increased its holdings in Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker's stock valued at $34,000 after purchasing an additional 2,900 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.

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