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

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price gapped down prior to trading on Tuesday . The stock had previously closed at $14.21, but opened at $13.84. Rivian Automotive shares last traded at $13.11, with a volume of 5,643,340 shares trading hands.

Analyst Ratings Changes

Several research firms have weighed in on RIVN. Wells Fargo & Company dropped 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 note on Tuesday, October 15th. Piper Sandler dropped their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating on the stock in a research note on Friday, November 8th. Barclays dropped their price objective on shares of Rivian Automotive from $16.00 to $13.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 15th. Needham & Company LLC dropped their price objective on shares of Rivian Automotive from $18.00 to $14.00 and set a "buy" rating on the stock in a research note on Friday, November 8th. Finally, 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. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $15.48.

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Rivian Automotive Trading Down 6.5 %

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The company's fifty day moving average is $13.08 and its 200-day moving average is $13.04. The firm has a market capitalization of $13.56 billion, a P/E ratio of -2.37 and a beta of 2.05.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at $9,712,811.25. This represents a 8.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 8,097 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total transaction of $98,783.40. Following the completion of the sale, the chief financial officer now directly owns 370,401 shares of the company's stock, valued at approximately $4,518,892.20. This trade represents a 2.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 327,429 shares of company stock valued at $4,467,450. Company insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently made changes to their positions in RIVN. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive in the 3rd quarter valued at $28,000. GHP Investment Advisors Inc. raised its stake in shares of Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker's stock valued at $29,000 after buying an additional 1,002 shares in the last quarter. American Capital Advisory LLC raised 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 buying an additional 2,111 shares in the last quarter. Hantz Financial Services Inc. raised its stake in shares of 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 buying an additional 2,900 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in shares of Rivian Automotive in the 3rd quarter valued at $44,000. Institutional investors and hedge funds own 66.25% of the company's stock.

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.