Rivian Automotive (NASDAQ:RIVN) Trading Down 2.6% - What's Next?

Key Points

• Rivian shares fell 2.6% to $15.93 on Wednesday, with trading volume down 54% from its average. The stock’s market capitalization is approximately $23.06 billion.
• Analyst sentiment remains mixed: Piper Sandler upgraded Rivian to “overweight” with a $20 target, while Morgan Stanley maintained an “underweight” rating despite raising its target to $14. Overall, the consensus rating is “Hold” with an $18.95 price target.
• Insiders have sold 68,385 shares worth about $1.13 million over the past 90 days, while institutional investors and hedge funds own 66.25% of Rivian’s stock.

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) dropped 2.6% on Wednesday . The company traded as low as $15.86 and last traded at $15.93. 14,360,021 shares were traded during trading, a decline of 54% from the average daily volume of 30,990,492 shares. The stock had previously closed at $16.36.

Analyst Ratings Changes

RIVN has been the subject of several research analyst reports. Piper Sandler raised Rivian Automotive from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $18.00 to $20.00 in a research note on Monday, July 27th. Needham & Company LLC reiterated a "buy" rating on shares of Rivian Automotive in a report on Monday. Morgan Stanley increased their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an "underweight" rating in a research report on Friday, July 31st. UBS Group raised their price target on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a "neutral" rating in a report on Thursday, July 9th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $19.00 price objective on shares of Rivian Automotive in a research report on Tuesday, July 28th. Twelve research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and seven have given a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $18.95.

Rivian Automotive Price Performance

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 stock has a market capitalization of $23.06 billion, a price-to-earnings ratio of -6.17 and a beta of 1.61. The stock's 50 day simple moving average is $16.62 and its 200-day simple moving average is $15.80.

Insider Activity

In related news, Director Karen Boone sold 20,000 shares of the company's stock in a transaction 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 in the company, valued at approximately $2,200,000. This represents a 15.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the company's stock in a transaction on Friday, May 29th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 68,385 shares of company stock worth $1,125,094. 1.48% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Newbridge Financial Services Group Inc. raised its stake in shares of Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker's stock valued at $26,000 after acquiring an additional 1,000 shares in the last quarter. Core Wealth Advisors LLC acquired a new position in Rivian Automotive during the fourth quarter valued at approximately $27,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Rivian Automotive during the third quarter valued at approximately $31,000. Zions Bancorporation National Association UT bought a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $33,000. Finally, Oslo Pensjonsforsikring AS acquired a new stake in shares of Rivian Automotive in the first quarter worth $39,000. 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.

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