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

Rivian Automotive, Inc. (NASDAQ:RIVN) shares dropped 1.3% during mid-day trading on Wednesday . The stock traded as low as $15.30 and last traded at $15.56. 17,563,953 shares were traded during trading, a decline of 44% from the average daily volume of 31,493,627 shares. The stock had previously closed at $15.76.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. DA Davidson raised their price objective on Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Monday, May 11th. Jefferies Financial Group upped their target price on Rivian Automotive from $16.00 to $17.00 and gave the stock a “hold” rating in a research report on Tuesday, July 7th. Needham & Company LLC reiterated a “buy” rating and set a $23.00 price target on shares of Rivian Automotive in a report on Friday, July 31st. BNP Paribas Exane lifted their price target on shares of Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. Finally, Benchmark restated a “buy” rating and issued a $25.00 price objective on shares of Rivian Automotive in a research note on Friday, May 1st. Twelve analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $18.95.

Rivian Automotive Stock Down 1.3%

The company has a debt-to-equity ratio of 0.87, a current ratio of 2.10 and a quick ratio of 1.65. The business has a 50 day moving average price of $16.63 and a 200 day moving average price of $15.83. The firm has a market capitalization of $21.18 billion, a P/E ratio of -6.03 and a beta of 1.61.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 8,023 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $16.00, for a total value of $128,368.00. Following the completion of the sale, the chief financial officer directly owned 887,007 shares of the company’s stock, valued at approximately $14,192,112. This represents a 0.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total value of $522,270.00. Following the completion of the sale, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at $13,834,290. This represents a 3.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 68,385 shares of company stock valued at $1,125,094 in the last 90 days. 1.48% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Large investors have recently bought and sold shares of the stock. Capital International Investors grew its position in Rivian Automotive by 13.2% in the 4th quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock worth $409,374,000 after purchasing an additional 2,418,717 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Rivian Automotive by 32.4% during the fourth quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock valued at $323,195,000 after buying an additional 4,012,386 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Rivian Automotive by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 14,782,865 shares of the electric vehicle automaker’s stock valued at $290,568,000 after buying an additional 59,503 shares during the period. Norges Bank bought a new stake in shares of Rivian Automotive in the fourth quarter valued at about $220,323,000. Finally, Soma Equity Partners LP grew its position in Rivian Automotive by 9.9% during the third quarter. Soma Equity Partners LP now owns 9,204,745 shares of the electric vehicle automaker’s stock worth $135,126,000 after buying an additional 829,782 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Company Profile

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.