Rivian Automotive (NASDAQ:RIVN) Trading Down 1.2% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was down 1.2% during mid-day trading on Thursday . The company traded as low as $15.30 and last traded at $15.38. 13,643,374 shares were traded during mid-day trading, a decline of 57% from the average session volume of 31,373,166 shares. The stock had previously closed at $15.56.

Analysts Set New Price Targets

RIVN has been the topic of a number of recent analyst reports. Jefferies Financial Group lifted their target price on Rivian Automotive from $16.00 to $17.00 and gave the stock a “hold” rating in a research note on Tuesday, July 7th. Morgan Stanley raised their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “underweight” rating in a report on Friday, July 31st. Wells Fargo & Company boosted their target price on shares of Rivian Automotive from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Friday, July 31st. BNP Paribas Exane upped their price objective on Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Finally, Piper Sandler upgraded Rivian Automotive from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $18.00 to $20.00 in a research note on Monday, July 27th. Twelve analysts have rated the stock with a Buy rating, eight have given a Hold rating and seven have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $18.95.

Rivian Automotive Trading Down 1.2%

The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.65 and a current ratio of 2.10. The stock has a 50-day moving average price of $16.65 and a 200-day moving average price of $15.82. The stock has a market cap of $20.93 billion, a P/E ratio of -5.96 and a beta of 1.61.

Insider Buying and Selling

In related news, Director Karen Boone sold 20,000 shares of the business’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $20.00, for a total transaction of $400,000.00. Following the transaction, the director owned 110,000 shares in the company, valued at $2,200,000. The trade was a 15.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total value of $522,270.00. Following the completion of the transaction, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at $13,834,290. This represents a 3.64% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 68,385 shares of company stock valued at $1,125,094 over the last quarter. 1.48% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp bought a new position in shares of Rivian Automotive during the second quarter valued at approximately $49,915,000. Handelsbanken Fonder AB increased its holdings in shares of Rivian Automotive by 2.1% in the 2nd quarter. Handelsbanken Fonder AB now owns 270,800 shares of the electric vehicle automaker’s stock worth $4,698,000 after purchasing an additional 5,600 shares in the last quarter. Valeo Financial Advisors LLC raised its stake in shares of Rivian Automotive by 6.8% in the second quarter. Valeo Financial Advisors LLC now owns 25,887 shares of the electric vehicle automaker’s stock worth $449,000 after purchasing an additional 1,642 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Rivian Automotive by 2.0% during the second quarter. Assenagon Asset Management S.A. now owns 56,758 shares of the electric vehicle automaker’s stock valued at $985,000 after purchasing an additional 1,134 shares in the last quarter. Finally, Western Wealth Management LLC bought a new stake in Rivian Automotive in the 1st quarter worth about $179,000. 66.25% of the stock is currently owned by 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.