Rivian Automotive (NASDAQ:RIVN) Trading Down 5.7% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares fell 5.7% during mid-day trading on Thursday . The company traded as low as $11.22 and last traded at $11.34. 15,313,099 shares traded hands 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

A number of equities analysts recently commented on RIVN shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $19.00 price objective on shares of Rivian Automotive in a research note on Monday, September 30th. Guggenheim dropped their price target on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a research report on Tuesday, September 10th. The Goldman Sachs Group upped their price target on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Robert W. Baird lowered their price objective on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and an average price target of $15.73.

Rivian Automotive Trading Down 2.4 %

The company has a quick ratio of 4.01, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $10.14 billion, a P/E ratio of -1.80 and a beta of 2.04. The firm’s 50-day moving average price is $11.09 and its 200 day moving average price is $12.38.

Insider Buying and Selling at Rivian Automotive

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 transaction, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. This trade represents a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Rivian Automotive by 1.8% during the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after purchasing an additional 1,226,357 shares in the last quarter. Baillie Gifford & Co. lifted its position 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 buying an additional 17,341,786 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Rivian Automotive by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock worth $145,550,000 after buying an additional 223,860 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Rivian Automotive by 153.2% in the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after acquiring an additional 3,285,867 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after acquiring an additional 2,035,831 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

About Rivian Automotive

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.