Rivian Automotive (NASDAQ:RIVN) Shares Gap Down - What's Next?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $12.71, but opened at $12.34. Rivian Automotive shares last traded at $12.45, with a volume of 5,534,050 shares.

Analysts Set New Price Targets

Several equities analysts recently issued reports on RIVN shares. Royal Bank of Canada cut their target price on Rivian Automotive from $14.00 to $12.00 and set a "sector perform" rating on the stock in a research report on Friday, November 8th. Benchmark initiated coverage on Rivian Automotive in a report on Monday, December 9th. They issued a "buy" rating and a $18.00 price objective on the stock. The Goldman Sachs Group lifted their target price on Rivian Automotive from $10.00 to $12.00 and gave the stock a "neutral" rating in a report on Thursday, November 14th. Wedbush reiterated an "outperform" rating and issued a $20.00 price target on shares of Rivian Automotive in a report on Friday, November 8th. Finally, Guggenheim decreased their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Rivian Automotive presently has a consensus rating of "Hold" and an average target price of $15.13.

Rivian Automotive Trading Up 0.4 %

The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company's 50-day moving average price is $13.44 and its 200-day moving average price is $12.83. The firm has a market cap of $12.82 billion, a price-to-earnings ratio of -2.24 and a beta of 2.05.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, January 6th. The shares were 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 owns 863,361 shares in the company, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the company's stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the sale, the chief financial officer now owns 378,498 shares of the company's stock, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 363,142 shares of company stock worth $4,958,860 over the last quarter. 2.51% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently bought and sold shares of the company. Tandem Financial LLC purchased a new position in Rivian Automotive in the fourth quarter worth approximately $25,000. Bank of Jackson Hole Trust acquired a new stake in shares of Rivian Automotive during the fourth quarter valued at about $27,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive in the 3rd quarter worth approximately $28,000. GHP Investment Advisors Inc. increased its holdings in 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 purchasing an additional 1,002 shares during the last quarter. Finally, American Capital Advisory LLC lifted its stake in Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker's stock worth $33,000 after purchasing an additional 2,111 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.