Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.9% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were down 2.9% during trading on Friday . The stock traded as low as $15.32 and last traded at $15.36. Approximately 16,956,079 shares were traded during trading, a decline of 45% from the average daily volume of 30,770,963 shares. The stock had previously closed at $15.82.

Analysts Set New Price Targets

RIVN has been the topic of several research analyst reports. Royal Bank Of Canada boosted their target price on Rivian Automotive from $14.00 to $16.00 and gave the stock a “sector perform” rating in a research note on Friday, July 31st. Cantor Fitzgerald reissued a “neutral” rating and issued a $19.00 price target on shares of Rivian Automotive in a report on Tuesday, July 28th. Piper Sandler upgraded Rivian Automotive from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $18.00 to $20.00 in a research note on Monday, July 27th. Needham & Company LLC restated a “buy” rating on shares of Rivian Automotive in a report on Monday. Finally, UBS Group upped their price objective on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Twelve investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and seven have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $18.95.

Rivian Automotive Stock Performance

The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87. The firm has a 50-day moving average of $16.52 and a 200-day moving average of $15.80. The stock has a market capitalization of $22.24 billion, a price-to-earnings ratio of -5.95 and a beta of 1.61.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 34,818 shares of the firm’s stock in a transaction dated 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 in the company, valued at $13,834,290. This trade represents a 3.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $16.00, for a total value of $128,368.00. Following the completion of the transaction, the chief financial officer owned 887,007 shares of the company’s stock, valued at approximately $14,192,112. The trade was a 0.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of RIVN. Parallel Advisors LLC raised its position in Rivian Automotive by 4.0% during the 1st quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker’s stock worth $242,000 after buying an additional 613 shares during the last quarter. Illinois Municipal Retirement Fund boosted its holdings in shares of Rivian Automotive by 1.6% in the 4th quarter. Illinois Municipal Retirement Fund now owns 43,282 shares of the electric vehicle automaker’s stock valued at $853,000 after acquiring an additional 686 shares during the last quarter. Merit Financial Group LLC boosted its holdings in shares of Rivian Automotive by 3.2% in the 4th quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker’s stock valued at $456,000 after acquiring an additional 718 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Rivian Automotive by 36.5% in the fourth quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker’s stock worth $54,000 after acquiring an additional 739 shares during the period. Finally, Utah Retirement Systems increased its stake in shares of Rivian Automotive by 0.6% in the fourth quarter. Utah Retirement Systems now owns 128,500 shares of the electric vehicle automaker’s stock worth $2,533,000 after acquiring an additional 744 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

About Rivian Automotive

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.