Rivian Automotive (NASDAQ:RIVN) Shares Down 8.1% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded down 8.1% on Monday . The stock traded as low as $15.18 and last traded at $15.1750. 19,844,480 shares changed hands during trading, a decline of 34% from the average daily volume of 29,960,129 shares. The stock had previously closed at $16.52.

Analysts Set New Price Targets

Several research firms have commented on RIVN. Tigress Financial reaffirmed a “buy” rating and set a $25.00 price objective on shares of Rivian Automotive in a research note on Friday, April 10th. Benchmark reissued a “buy” rating and issued a $25.00 target price on shares of Rivian Automotive in a research note on Friday, May 1st. Jefferies Financial Group restated a “hold” rating and issued a $15.00 target price on shares of Rivian Automotive in a report on Tuesday, March 3rd. Wall Street Zen raised shares of Rivian Automotive from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Finally, Weiss Ratings cut shares of Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday. Twelve research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $18.57.

Rivian Automotive Trading Down 8.5%

The firm has a market capitalization of $18.76 billion, a P/E ratio of -5.19 and a beta of 1.62. The stock has a 50-day simple moving average of $15.67 and a two-hundred day simple moving average of $16.37. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00.

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,023 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the transaction, the chief financial officer owned 887,007 shares of the company’s stock, valued at approximately $14,192,112. This trade represents a 0.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at 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 business’s 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 completion of the sale, the chief executive officer owned 922,286 shares of the company’s stock, valued at approximately $13,834,290. This represents a 3.64% decrease in their position. 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 over the last 90 days. 1.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently bought and sold shares of the business. Norges Bank bought a new stake in Rivian Automotive during the 4th quarter valued at $220,323,000. Renaissance Technologies LLC grew its stake in Rivian Automotive by 32.4% in 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. Vanguard Group Inc. raised its holdings in Rivian Automotive by 3.3% in the third quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock worth $1,198,967,000 after purchasing an additional 2,597,310 shares in the last quarter. Capital International Investors lifted its position 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 buying an additional 2,418,717 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Rivian Automotive by 496.6% during 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 buying an additional 1,918,852 shares during the last quarter. 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.