Rivian Automotive (NASDAQ:RIVN) Shares Gap Down – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) gapped down prior to trading on Tuesday . The stock had previously closed at $14.21, but opened at $13.84. Rivian Automotive shares last traded at $13.11, with a volume of 5,643,340 shares.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of research analyst reports. Morgan Stanley cut shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $16.00 to $13.00 in a report on Wednesday, September 25th. Royal Bank of Canada cut their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Wedbush reiterated an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a research note on Friday, November 8th. Guggenheim cut their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Finally, Mizuho cut their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and a consensus target price of $15.52.

Rivian Automotive Trading Down 1.6 %

The company’s 50-day moving average price is $13.09 and its 200-day moving average price is $13.03. The firm has a market cap of $12.75 billion, a price-to-earnings ratio of -2.23 and a beta of 2.05. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Insider Activity

In other news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the transaction, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,784,877.65. This represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 327,429 shares of company stock worth $4,467,450 over the last 90 days. 2.51% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently bought and sold shares of the company. Austin Private Wealth LLC raised its stake in Rivian Automotive by 44.9% during the fourth quarter. Austin Private Wealth LLC now owns 19,453 shares of the electric vehicle automaker’s stock worth $259,000 after purchasing an additional 6,029 shares during the period. Caprock Group LLC purchased a new position in Rivian Automotive during the fourth quarter worth about $141,000. SOL Capital Management CO increased its position in shares of Rivian Automotive by 77.5% during the fourth quarter. SOL Capital Management CO now owns 151,629 shares of the electric vehicle automaker’s stock valued at $2,017,000 after acquiring an additional 66,225 shares during the last quarter. Swedbank AB increased its position in shares of Rivian Automotive by 5.6% during the fourth quarter. Swedbank AB now owns 502,644 shares of the electric vehicle automaker’s stock valued at $6,685,000 after acquiring an additional 26,474 shares during the last quarter. Finally, R Squared Ltd acquired a new stake in shares of Rivian Automotive during the fourth quarter valued at about $53,000. 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.