Rivian Automotive (NASDAQ:RIVN) Trading Down 1.3% - What's Next?

Key Points

• Rivian shares fell 1.3% to $15.56 on Wednesday, with trading volume 44% below the average. The stock remains below its 50-day moving average of $16.63 but near its 200-day average of $15.83.
• Analyst sentiment is mixed but centers on a “Hold” rating; 12 analysts rate Rivian a Buy, eight a Hold and seven a Sell. The consensus price target is $18.95, while Wells Fargo raised its target to $16 and Deutsche Bank downgraded the stock to Underperform.
• Insiders sold 68,385 shares worth approximately $1.13 million over the past three months, though the transactions followed pre-arranged Rule 10b5-1 plans. Institutional investors own 66.25% of the company.

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) were down 1.3% on Wednesday . The company traded as low as $15.30 and last traded at $15.56. 17,563,953 shares traded hands during trading, a decline of 44% from the average daily volume of 31,493,627 shares. The stock had previously closed at $15.76.

Analyst Ratings Changes

Several brokerages recently issued reports on RIVN. Weiss Ratings raised Rivian Automotive from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, July 6th. Wall Street Zen raised Rivian Automotive from a "sell" rating to a "hold" rating in a research note on Saturday. Wells Fargo & Company increased their price target on shares of Rivian Automotive from $15.00 to $16.00 and gave the stock an "equal weight" rating in a research report on Friday, July 31st. DA Davidson raised their price target on shares of Rivian Automotive from $14.00 to $15.00 and gave the stock a "neutral" rating in a report on Monday, May 11th. Finally, Deutsche Bank Aktiengesellschaft cut shares of Rivian Automotive from a "buy" rating to an "underperform" rating in a report on Tuesday. Twelve research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Rivian Automotive has an average rating of "Hold" and a consensus price target of $18.95.

Rivian Automotive Trading Down 1.3%

The firm has a market capitalization of $21.18 billion, a PE ratio of -6.03 and a beta of 1.61. 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 has a fifty day moving average of $16.63 and a 200-day moving average of $15.83.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 34,818 shares of Rivian Automotive stock in a transaction dated 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 sale, the chief executive officer directly owned 922,286 shares in the company, valued at $13,834,290. The trade was a 3.64% 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 have sold a total of 68,385 shares of company stock valued at $1,125,094 in the last three months. Insiders own 1.48% of the company's stock.

Institutional Trading of Rivian Automotive

Institutional investors have recently added to or reduced their stakes in the business. Brighton Jones LLC increased its stake in shares of Rivian Automotive by 28.0% during the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock worth $235,000 after purchasing an additional 3,864 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Rivian Automotive by 1.5% in the first quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker's stock worth $4,733,000 after purchasing an additional 5,590 shares in the last quarter. Empowered Funds LLC boosted its holdings in Rivian Automotive by 10.1% in the first quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker's stock worth $679,000 after purchasing an additional 4,998 shares in the last quarter. Focus Partners Wealth increased its position in Rivian Automotive by 29.0% during the first quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker's stock worth $803,000 after buying an additional 14,497 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its position in Rivian Automotive by 57.1% during the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker's stock worth $64,000 after buying an additional 1,856 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.

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