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

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price fell 1.2% on Thursday . The stock traded as low as $15.30 and last traded at $15.38. 13,643,374 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 31,373,166 shares. The stock had previously closed at $15.56.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on RIVN. Deutsche Bank Aktiengesellschaft lowered shares of Rivian Automotive from a “buy” rating to an “underperform” rating in a report on Tuesday. DA Davidson lifted their price objective on shares of Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Benchmark reissued a “buy” rating and set a $25.00 target price on shares of Rivian Automotive in a research note on Friday, May 1st. Cantor Fitzgerald restated a “neutral” rating and issued a $19.00 target price on shares of Rivian Automotive in a report on Tuesday, July 28th. Finally, Wells Fargo & Company raised their target price on Rivian Automotive from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Friday, July 31st. Twelve investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $18.95.

Rivian Automotive Stock Up 4.0%

The business has a 50 day simple moving average of $16.65 and a 200 day simple moving average of $15.81. 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 stock has a market cap of $21.78 billion, a PE ratio of -6.20 and a beta of 1.61.

Insider Activity

In other news, CFO Claire Mcdonough sold 8,023 shares of Rivian Automotive stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the sale, the chief financial officer directly owned 887,007 shares in the company, valued at $14,192,112. The trade was a 0.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 20,000 shares of the business’s stock in a transaction that occurred 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 directly owned 110,000 shares of the company’s stock, valued at approximately $2,200,000. The trade was a 15.38% 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 68,385 shares of company stock worth $1,125,094 in the last three months. 1.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RIVN. Capital International Investors lifted its stake in shares of 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 valued at $409,374,000 after purchasing an additional 2,418,717 shares during the last quarter. Renaissance Technologies LLC increased its position in 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 worth $323,195,000 after buying an additional 4,012,386 shares during the last quarter. Geode Capital Management LLC raised its holdings in Rivian Automotive by 0.4% during 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 in the last quarter. Norges Bank bought a new position in Rivian Automotive during the fourth quarter valued at about $220,323,000. Finally, Soma Equity Partners LP lifted its position in shares of Rivian Automotive by 9.9% in 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 during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.