Rivian Automotive (NASDAQ:RIVN) Trading Down 2.9% - Here's Why

Key Points

• Rivian shares fell 2.9% to $15.36 in mid-day trading, with volume of 16.96 million shares—45% below the average session volume.
• Analyst sentiment remains mixed: Rivian has a consensus “Hold” rating and an average price target of $18.95, with 12 Buy, 8 Hold, and 7 Sell ratings.
• Insiders sold 68,385 shares worth approximately $1.13 million over the past three months, while hedge funds and other institutional investors own 66.25% of the company.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price was down 2.9% during mid-day trading on Friday . The stock traded as low as $15.32 and last traded at $15.36. 16,956,079 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 30,770,963 shares. The stock had previously closed at $15.82.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. UBS Group raised their price objective on Rivian Automotive from $16.00 to $17.00 and gave the stock a "neutral" rating in a report on Thursday, July 9th. Wells Fargo & Company upped their target price on Rivian Automotive from $15.00 to $16.00 and gave the stock an "equal weight" rating in a report on Friday, July 31st. Cantor Fitzgerald reissued a "neutral" rating and set a $19.00 price target on shares of Rivian Automotive in a research report on Tuesday, July 28th. TD Cowen raised their price target on Rivian Automotive from $20.00 to $21.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Finally, BNP Paribas Exane upped their price objective on shares of Rivian Automotive from $22.00 to $24.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 8th. Twelve equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $18.95.

Rivian Automotive Trading Down 2.9%

The company has a market capitalization of $22.24 billion, a PE ratio of -5.95 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's fifty day moving average is $16.52 and its 200-day moving average is $15.80.

Insider Activity

In related news, 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 directly owned 887,007 shares in the company, valued at $14,192,112. This represents a 0.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the firm's stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $15.00, for a total value of $522,270.00. Following the sale, the chief executive officer directly owned 922,286 shares in the company, valued at approximately $13,834,290. The trade was 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. In the last three months, insiders have sold 68,385 shares of company stock worth $1,125,094. 1.48% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

Hedge funds have recently modified their holdings of the company. Core Wealth Advisors LLC bought a new stake in shares of Rivian Automotive in the 4th quarter valued at about $27,000. Zions Bancorporation National Association UT bought a new position in shares of Rivian Automotive during the 4th quarter worth approximately $33,000. Newbridge Financial Services Group Inc. lifted its position in Rivian Automotive by 113.6% during the second 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 during the last quarter. IFC & Insurance Marketing Inc. purchased a new stake in Rivian Automotive during the fourth quarter valued at approximately $39,000. Finally, Ameriflex Group Inc. acquired a new stake in Rivian Automotive in the fourth quarter valued at approximately $39,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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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