Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.4% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was down 1.4% on Tuesday . The company traded as low as $14.81 and last traded at $14.89. 24,049,308 shares traded hands during mid-day trading, a decline of 20% from the average session volume of 29,950,742 shares. The stock had previously closed at $15.10.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of analyst reports. TD Cowen restated a “buy” rating and set a $20.00 price objective on shares of Rivian Automotive in a report on Wednesday, June 3rd. Weiss Ratings cut shares of Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 18th. Jefferies Financial Group reissued a “hold” rating and issued a $15.00 price target on shares of Rivian Automotive in a report on Tuesday, March 3rd. Bank of America began coverage on shares of Rivian Automotive in a research report on Wednesday, March 4th. They issued an “underperform” rating and a $14.00 price objective for the company. Finally, Benchmark reaffirmed a “buy” rating and set a $25.00 price objective on shares of Rivian Automotive in a research note on Friday, May 1st. Twelve investment 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. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $18.57.

Rivian Automotive Trading Down 0.1%

The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00. The firm has a market capitalization of $18.15 billion, a P/E ratio of -5.01 and a beta of 1.62. The business has a 50 day moving average of $15.63 and a 200-day moving average of $16.32.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 10,245 shares of the business’s stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total value of $184,410.00. Following the sale, the chief financial officer directly owned 946,814 shares of the company’s stock, valued at approximately $17,042,652. The trade was a 1.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at approximately $13,834,290. The trade was a 3.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 100,340 shares of company stock valued at $1,560,246 in the last quarter. Corporate insiders own 1.48% of the company’s stock.

Institutional Trading of Rivian Automotive

Institutional investors have recently modified their holdings of the company. Brighton Jones LLC grew its holdings in shares of Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after buying an additional 3,864 shares in the last quarter. AQR Capital Management LLC raised its position 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 lifted 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 acquiring an additional 4,998 shares in the last quarter. Focus Partners Wealth lifted its stake in Rivian Automotive by 29.0% in the 1st quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock valued at $803,000 after acquiring an additional 14,497 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its position in Rivian Automotive by 57.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock worth $64,000 after acquiring an additional 1,856 shares during 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.