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

Rivian Automotive, Inc. (NASDAQ:RIVN) gapped down before the market opened on Wednesday . The stock had previously closed at $12.71, but opened at $12.34. Rivian Automotive shares last traded at $12.45, with a volume of 5,534,050 shares traded.

Analysts Set New Price Targets

Several equities analysts recently commented on RIVN shares. Canaccord Genuity Group cut their price target on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, October 7th. Truist Financial raised their price target on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Wedbush reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a research report on Friday, November 8th. Wells Fargo & Company lowered their target price on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Finally, UBS Group raised their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $15.13.

Rivian Automotive Stock Up 0.7 %

The business has a fifty day moving average of $13.39 and a two-hundred day moving average of $12.90. 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 Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were 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 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 363,142 shares of company stock worth $4,958,860 over the last quarter. 2.51% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently modified their holdings of the business. Strategic Financial Concepts LLC purchased a new position in Rivian Automotive during the fourth quarter worth about $556,000. Allworth Financial LP increased its holdings in Rivian Automotive by 14.0% in the 4th quarter. Allworth Financial LP now owns 28,711 shares of the electric vehicle automaker’s stock valued at $364,000 after purchasing an additional 3,521 shares during the last quarter. Montag A & Associates Inc. raised its position in Rivian Automotive by 10.6% in the fourth quarter. Montag A & Associates Inc. now owns 15,154 shares of the electric vehicle automaker’s stock valued at $202,000 after purchasing an additional 1,454 shares during the period. Asset Management One Co. Ltd. lifted its stake in Rivian Automotive by 13.5% during the fourth quarter. Asset Management One Co. Ltd. now owns 294,468 shares of the electric vehicle automaker’s stock worth $4,019,000 after purchasing an additional 34,948 shares in the last quarter. Finally, Van ECK Associates Corp boosted its position in shares of Rivian Automotive by 4.8% during the fourth quarter. Van ECK Associates Corp now owns 389,971 shares of the electric vehicle automaker’s stock worth $5,187,000 after buying an additional 17,878 shares during the period. 66.25% of the stock is currently 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.