Rivian Automotive (NASDAQ:RIVN) Shares Down 3.2% – Here’s Why

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 3.2% during trading on Monday . The company traded as low as $14.72 and last traded at $14.87. Approximately 43,259,707 shares were traded during mid-day trading, an increase of 40% from the average session volume of 30,874,207 shares. The stock had previously closed at $15.36.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Wall Street Zen upgraded Rivian Automotive from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Needham & Company LLC reissued a “buy” rating on shares of Rivian Automotive in a report on Monday, August 10th. Morgan Stanley boosted their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “underweight” rating in a research report on Friday, July 31st. BNP Paribas Exane increased their price target on shares of Rivian Automotive from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 8th. Finally, TD Cowen lifted their price target on shares of Rivian Automotive from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Twelve research 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’s stock. According to MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and an average target price of $18.95.

Rivian Automotive Price Performance

The firm has a market capitalization of $21.53 billion, a P/E ratio of -5.76 and a beta of 1.61. The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87. The firm has a 50 day moving average price of $16.50 and a 200-day moving average price of $15.80.

Insider Buying and Selling

In other news, Director Karen Boone sold 20,000 shares of the stock in a transaction on Monday, July 6th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the sale, the director owned 110,000 shares of the company’s stock, valued at approximately $2,200,000. This represents a 15.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $15.00, for a total transaction of $522,270.00. Following the completion of the sale, the chief executive officer owned 922,286 shares of the company’s stock, valued at $13,834,290. This trade represents a 3.64% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 62,841 shares of company stock worth $1,050,638 over the last three months. 1.48% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of RIVN. Brighton Jones LLC grew its position in Rivian Automotive by 28.0% in the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after acquiring an additional 3,864 shares during the last quarter. AQR Capital Management LLC increased its stake in Rivian Automotive by 1.5% in the first quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock worth $4,733,000 after purchasing an additional 5,590 shares during the period. Empowered Funds LLC lifted its position in shares of Rivian Automotive by 10.1% during the first quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock worth $679,000 after purchasing an additional 4,998 shares during the last quarter. Focus Partners Wealth boosted its stake in shares of Rivian Automotive by 29.0% during the first quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock valued at $803,000 after purchasing an additional 14,497 shares during the period. Finally, Geneos Wealth Management Inc. grew its holdings in shares of Rivian Automotive by 57.1% in the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock worth $64,000 after purchasing an additional 1,856 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.