Rivian Automotive (NASDAQ:RIVN) Shares Down 1.2% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded down 1.2% on Thursday . The company traded as low as $15.30 and last traded at $15.38. Approximately 13,643,374 shares changed hands during trading, a decline of 57% from the average daily volume of 31,373,166 shares. The stock had previously closed at $15.56.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on RIVN shares. Wells Fargo & Company boosted their price objective on shares of Rivian Automotive from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Friday, July 31st. Wall Street Zen raised Rivian Automotive from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. BNP Paribas Exane lifted their target price on Rivian Automotive from $22.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, July 8th. Deutsche Bank Aktiengesellschaft cut Rivian Automotive from a “buy” rating to an “underperform” rating in a research note on Tuesday. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $19.00 price objective on shares of Rivian Automotive in a research report on Tuesday, July 28th. Twelve equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $18.95.

Rivian Automotive Stock Down 1.2%

The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.65 and a current ratio of 2.10. The company has a market cap of $20.93 billion, a P/E ratio of -5.96 and a beta of 1.61. The firm’s 50 day moving average price is $16.65 and its two-hundred day moving average price is $15.82.

Insider Transactions at Rivian Automotive

In related news, Director Karen Boone sold 20,000 shares of Rivian Automotive 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 completion of the sale, the director owned 110,000 shares of the company’s stock, valued at approximately $2,200,000. This trade represents a 15.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of Rivian Automotive stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the transaction, the chief executive officer 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 over the last ninety days. 1.48% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently bought and sold shares of RIVN. Brighton Jones LLC raised its holdings in shares of Rivian Automotive by 28.0% in the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after purchasing an additional 3,864 shares during the last quarter. AQR Capital Management LLC increased its stake in Rivian Automotive by 1.5% in the 1st quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock valued at $4,733,000 after buying an additional 5,590 shares during the last quarter. Empowered Funds LLC increased its stake in Rivian Automotive by 10.1% in the 1st quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock valued at $679,000 after buying an additional 4,998 shares during the last quarter. Focus Partners Wealth lifted its position in shares of Rivian Automotive by 29.0% during the 1st quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock worth $803,000 after buying an additional 14,497 shares in the last quarter. 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 valued at $64,000 after acquiring an additional 1,856 shares in the last quarter. 66.25% of the stock is currently owned by 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.