Rivian Automotive (NASDAQ:RIVN) Shares Down 2% - Here's What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price dropped 2% during trading on Tuesday . The company traded as low as $12.60 and last traded at $12.74. Approximately 4,570,925 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 32,663,564 shares. The stock had previously closed at $12.99.

Analysts Set New Price Targets

RIVN has been the subject of a number of recent analyst reports. Baird R W downgraded Rivian Automotive from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 18th. The Goldman Sachs Group raised their target price on Rivian Automotive from $10.00 to $12.00 and gave the company a "neutral" rating in a report on Thursday, November 14th. Piper Sandler reduced their target price on Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating for the company in a report on Friday, November 8th. Bank of America downgraded Rivian Automotive from a "buy" rating to a "neutral" rating and reduced their target price for the company from $20.00 to $13.00 in a report on Friday, November 8th. Finally, Wedbush restated an "outperform" rating and issued a $20.00 price target on shares of Rivian Automotive in a research report on Friday, November 8th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $15.13.

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Rivian Automotive Stock Up 5.5 %

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company has a market cap of $14.32 billion, a PE ratio of -2.51 and a beta of 2.04. The firm has a fifty day simple moving average of $13.59 and a 200 day simple moving average of $12.58.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of the business's stock in a transaction dated Monday, November 18th. The stock was 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 owns 378,498 shares in the company, valued at approximately $3,796,334.94. The trade was a 0.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 83,334 shares of the business's 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 sale, the chief executive officer now owns 863,361 shares of the company's stock, valued at $9,712,811.25. The trade was a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 363,142 shares of company stock worth $4,958,860 in the last 90 days. 2.51% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently modified their holdings of the company. Baillie Gifford & Co. grew its holdings in shares of Rivian Automotive by 52.5% during the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker's stock worth $565,012,000 after purchasing an additional 17,341,786 shares during the period. Geode Capital Management LLC grew its holdings in shares of Rivian Automotive by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock worth $175,639,000 after purchasing an additional 227,168 shares during the period. Capital International Investors purchased a new stake in shares of Rivian Automotive during the 4th quarter worth about $144,030,000. Norges Bank purchased a new stake in shares of Rivian Automotive during the 4th quarter worth about $123,308,000. Finally, Northern Trust Corp grew its holdings in shares of Rivian Automotive by 68.5% during the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock worth $96,275,000 after purchasing an additional 2,941,928 shares during the period. Hedge funds and other institutional investors 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.