Rivian Automotive (NASDAQ:RIVN) Shares Down 2.6% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price fell 2.6% on Wednesday . The company traded as low as $15.86 and last traded at $15.93. Approximately 14,360,021 shares were traded during trading, a decline of 54% from the average session volume of 30,990,492 shares. The stock had previously closed at $16.36.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Royal Bank Of Canada raised their price target on Rivian Automotive from $14.00 to $16.00 and gave the company a “sector perform” rating in a research report on Friday, July 31st. Needham & Company LLC reissued a “buy” rating on shares of Rivian Automotive in a research report on Monday. Cantor Fitzgerald restated a “neutral” rating and set a $19.00 target price on shares of Rivian Automotive in a research note on Tuesday, July 28th. Wall Street Zen raised Rivian Automotive from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Finally, BNP Paribas Exane lifted their price target on Rivian Automotive from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 8th. Twelve equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and seven have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $18.95.

Rivian Automotive Trading Down 2.6%

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 company’s 50 day moving average is $16.62 and its two-hundred day moving average is $15.80. The firm has a market cap of $23.06 billion, a P/E ratio of -6.17 and a beta of 1.61.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,023 shares of the company’s 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 transaction, the chief financial officer owned 887,007 shares of the company’s stock, valued at $14,192,112. This represents a 0.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at 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 firm’s stock in a transaction that occurred on Monday, July 6th. The stock was 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 $2,200,000. This represents 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 valued at $1,125,094 in the last quarter. Corporate insiders own 1.48% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently bought and sold shares of the business. Norges Bank bought a new position in shares of Rivian Automotive in the fourth quarter worth about $220,323,000. Renaissance Technologies LLC grew its stake 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 purchasing an additional 4,012,386 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Rivian Automotive during the second quarter valued at approximately $49,915,000. Capital International Investors grew its stake in shares of Rivian Automotive by 13.2% during the fourth 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. Finally, AQR Capital Management LLC increased its holdings in shares of Rivian Automotive by 496.6% in the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after purchasing an additional 1,918,852 shares in 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.