Rivian Automotive (NASDAQ:RIVN) Shares Gap Down – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price 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

RIVN has been the subject of a number of recent research reports. Robert W. Baird reiterated a “neutral” rating and issued a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Needham & Company LLC decreased their price objective on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Barclays increased their target price on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Wednesday, January 22nd. Guggenheim decreased their price target on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Finally, Wells Fargo & Company dropped their price objective on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and a consensus price target of $15.13.

Rivian Automotive Trading Up 0.7 %

The firm has a 50-day moving average of $13.39 and a 200 day moving average of $12.90. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Insider Activity

In other news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive 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 completion of the transaction, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. The trade was a 0.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 363,142 shares of company stock worth $4,958,860 over the last ninety days. Corporate insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RIVN. Baillie Gifford & Co. raised its holdings in shares of Rivian Automotive by 52.5% during the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after buying an additional 17,341,786 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after acquiring an additional 2,035,831 shares during the period. abrdn plc grew its stake in shares of Rivian Automotive by 17.8% in the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock worth $38,587,000 after purchasing an additional 518,561 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Rivian Automotive during the third quarter valued at $4,184,000. Finally, FORA Capital LLC bought a new stake in shares of Rivian Automotive during the third quarter valued at about $3,218,000. 66.25% of the stock is owned by institutional investors and hedge funds.

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.