Rivian Automotive (NASDAQ:RIVN) Trading Down 1.3% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price fell 1.3% during trading on Wednesday . The company traded as low as $14.32 and last traded at $14.76. 26,410,092 shares were traded during mid-day trading, a decline of 9% from the average session volume of 28,897,070 shares. The stock had previously closed at $14.96.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Wolfe Research lowered Rivian Automotive from a “peer perform” rating to an “underperform” rating in a research report on Monday, January 12th. Needham & Company LLC raised their price target on shares of Rivian Automotive from $14.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Canaccord Genuity Group reiterated a “buy” rating on shares of Rivian Automotive in a report on Monday, December 15th. Mizuho reiterated an “underperform” rating and set a $10.00 price objective (down from $14.00) on shares of Rivian Automotive in a research note on Monday, October 20th. Finally, Stifel Nicolaus raised their target price on Rivian Automotive from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, November 17th. Eight analysts have rated the stock with a Buy rating, nine have issued a Hold rating and seven have issued a Sell rating to the stock. According to data from MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and an average target price of $16.74.

Rivian Automotive Trading Down 1.3%

The firm has a market cap of $18.09 billion, a price-to-earnings ratio of -4.75 and a beta of 1.76. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71. The company has a 50 day moving average price of $17.80 and a 200 day moving average price of $15.29.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 21,210 shares of the business’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $17.14, for a total value of $363,539.40. Following the sale, the chief financial officer directly owned 738,056 shares of the company’s stock, valued at approximately $12,650,279.84. The trade was a 2.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Peter Krawiec sold 3,655 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $19.45, for a total transaction of $71,089.75. Following the completion of the transaction, the director owned 29,122 shares in the company, valued at approximately $566,422.90. This represents a 11.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 120,154 shares of company stock valued at $2,143,724 over the last 90 days. 2.16% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently bought and sold shares of the company. Norges Bank acquired a new position in Rivian Automotive in the 4th quarter valued at about $220,323,000. Vanguard Group Inc. lifted its position in shares of Rivian Automotive by 3.3% during the 3rd quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock worth $1,198,967,000 after buying an additional 2,597,310 shares during the last quarter. Capital International Investors lifted its position in Rivian Automotive by 13.2% in the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after acquiring an additional 2,418,717 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Rivian Automotive by 496.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after purchasing an additional 1,918,852 shares during the period. Finally, Worldquant Millennium Advisors LLC grew its position in shares of Rivian Automotive by 1,353.6% during the second quarter. Worldquant Millennium Advisors LLC now owns 2,058,284 shares of the electric vehicle automaker’s stock worth $28,281,000 after acquiring an additional 1,916,686 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.