Rivian Automotive (NASDAQ:RIVN) Trading Down 1.6% - Here's Why

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded down 1.6% on Monday . The company traded as low as $14.19 and last traded at $14.21. 64,966,337 shares were traded during trading, an increase of 93% from the average session volume of 33,747,016 shares. The stock had previously closed at $14.44.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RIVN. Benchmark began coverage on Rivian Automotive in a report on Monday, December 9th. They issued a "buy" rating and a $18.00 price target for the company. Baird R W downgraded shares of Rivian Automotive from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 18th. JPMorgan Chase & Co. reduced their price target on shares of Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating for the company in a report on Tuesday, October 22nd. 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 report on Tuesday, October 15th. Finally, Mizuho reduced their target price on shares of Rivian Automotive from $15.00 to $12.00 and set a "neutral" rating for the company in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $15.48.

Rivian Automotive Price Performance

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 firm has a market capitalization of $14.50 billion, a price-to-earnings ratio of -2.54 and a beta of 2.05. The company's 50 day moving average is $13.03 and its 200 day moving average is $13.05.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 8,097 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total transaction of $98,783.40. Following the completion of the transaction, the chief financial officer now directly owns 370,401 shares of the company's stock, valued at $4,518,892.20. This trade represents a 2.14 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 327,429 shares of company stock worth $4,467,450. Corporate insiders own 2.51% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RIVN. American Century Companies Inc. grew its position in Rivian Automotive by 4.1% during the 2nd quarter. American Century Companies Inc. now owns 154,336 shares of the electric vehicle automaker's stock worth $2,071,000 after acquiring an additional 6,105 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Rivian Automotive by 20.5% during the second quarter. Envestnet Asset Management Inc. now owns 172,063 shares of the electric vehicle automaker's stock valued at $2,309,000 after purchasing an additional 29,218 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in shares of Rivian Automotive by 18.8% during the second quarter. Mercer Global Advisors Inc. ADV now owns 47,359 shares of the electric vehicle automaker's stock worth $636,000 after purchasing an additional 7,508 shares during the last quarter. Amalgamated Bank increased its stake in shares of Rivian Automotive by 19.9% in the second quarter. Amalgamated Bank now owns 45,082 shares of the electric vehicle automaker's stock valued at $605,000 after buying an additional 7,486 shares during the period. Finally, Elo Mutual Pension Insurance Co raised its holdings in Rivian Automotive by 112.2% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 48,122 shares of the electric vehicle automaker's stock valued at $646,000 after buying an additional 25,442 shares during 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.