Rivian Automotive (NASDAQ:RIVN) Trading Down 8.6% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) shares fell 8.6% during mid-day trading on Monday . The stock traded as low as $15.08 and last traded at $15.10. Approximately 26,725,860 shares were traded during mid-day trading, a decline of 11% from the average session volume of 30,024,768 shares. The stock had previously closed at $16.52.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RIVN. TD Cowen reaffirmed a “buy” rating and set a $20.00 target price on shares of Rivian Automotive in a research note on Wednesday, June 3rd. Needham & Company LLC restated a “buy” rating and issued a $23.00 price objective on shares of Rivian Automotive in a report on Wednesday, June 10th. Leerink Partners restated an “outperform” rating on shares of Rivian Automotive in a report on Thursday, March 12th. Wall Street Zen upgraded shares of Rivian Automotive from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Finally, Tigress Financial reissued a “buy” rating and issued a $25.00 target price on shares of Rivian Automotive in a research report on Friday, April 10th. Twelve research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have given a Sell rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and a consensus target price of $18.57.

Rivian Automotive Price Performance

The company’s 50-day moving average price is $15.67 and its 200-day moving average price is $16.37. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00. The firm has a market cap of $18.74 billion, a price-to-earnings ratio of -5.17 and a beta of 1.62.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 34,818 shares of Rivian Automotive stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total value of $522,270.00. Following the completion of the transaction, the chief executive officer directly owned 922,286 shares in the company, valued at approximately $13,834,290. This trade represents a 3.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 10,245 shares of the business’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $18.00, for a total value of $184,410.00. Following the transaction, the chief financial officer directly owned 946,814 shares of the company’s stock, valued at $17,042,652. The trade was a 1.07% 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. In the last 90 days, insiders sold 100,340 shares of company stock valued at $1,560,246. Insiders own 1.48% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Western Wealth Management LLC purchased a new position in Rivian Automotive in the first quarter valued at approximately $179,000. Rathbones Group PLC acquired a new stake in Rivian Automotive during the first quarter worth approximately $237,000. Parallel Advisors LLC lifted its position in shares of Rivian Automotive by 4.0% during the 1st quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker’s stock worth $242,000 after buying an additional 613 shares during the last quarter. Edgestream Partners L.P. lifted its position in shares of Rivian Automotive by 47.9% during the 1st quarter. Edgestream Partners L.P. now owns 394,487 shares of the electric vehicle automaker’s stock worth $5,937,000 after buying an additional 127,788 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Rivian Automotive by 4.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 53,360 shares of the electric vehicle automaker’s stock valued at $803,000 after buying an additional 2,059 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.