Arrive AI (NASDAQ:ARAI) Shares Down 6.2% - Here's What Happened

Key Points

• Arrive AI Inc. (NASDAQ:ARAI) experienced a 6.2% drop in its stock price, closing at $5.13 after trading as low as $5.11.
• CEO Daniel Steven O'toole sold 434,672 shares of the company, resulting in a total transaction of over $6 million, decreasing his ownership by 1.84%.
• Wall Street Zen upgraded Arrive AI's rating to a "hold" on June 14th, indicating a cautious outlook on the stock amidst recent performance changes.

Arrive AI Inc. (NASDAQ:ARAI - Get Free Report) fell 6.2% on Wednesday . The stock traded as low as $5.11 and last traded at $5.13. 186,500 shares were traded during mid-day trading, an increase of 5% from the average session volume of 177,960 shares. The stock had previously closed at $5.47.

Analysts Set New Price Targets

Separately, Wall Street Zen raised Arrive AI to a "hold" rating in a research note on Saturday, June 14th.

Arrive AI Price Performance

The stock's 50 day moving average is $8.30.

Arrive AI (NASDAQ:ARAI - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.05) earnings per share for the quarter. The company had revenue of $0.09 million during the quarter.

Insiders Place Their Bets

In other Arrive AI news, CEO Daniel Steven O'toole sold 434,672 shares of the firm's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $13.85, for a total transaction of $6,020,207.20. Following the completion of the transaction, the chief executive officer owned 23,143,909 shares of the company's stock, valued at approximately $320,543,139.65. This trade represents a 1.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Hedge Funds Weigh In On Arrive AI

Hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC purchased a new position in Arrive AI during the second quarter worth $793,000. Tower Research Capital LLC TRC purchased a new position in Arrive AI during the second quarter worth $133,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Arrive AI during the second quarter worth $543,000. Finally, Rockefeller Capital Management L.P. acquired a new stake in shares of Arrive AI during the second quarter worth $607,000.

Arrive AI Company Profile

We were incorporated on April 30, 2020, in the State of Delaware under the name of Dronedek Corporation. The Company changed its name to Arrive Technology Inc on July 27, 2023. The Company changed its name to Arrive AI Inc on September 30, 2024. We are a developmental technology company with a focus on designing and implementing a commercially viable smart mailbox and platform system for smart, secure, and seamless exchange of packages, goods, supplies, food, and medications between people, through the use of robots, and drones.