Rivian Automotive (NASDAQ:RIVN) Stock Price Down 6.6% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded down 6.6% during mid-day trading on Tuesday . The company traded as low as $15.24 and last traded at $15.73. 38,747,764 shares were traded during mid-day trading, an increase of 29% from the average session volume of 30,148,039 shares. The stock had previously closed at $16.84.

Rivian Automotive News Roundup

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: AT&T expanded its partnership with Rivian to provide 5G connectivity for the upcoming R2 platform in the U.S. and Canada, which should support over-the-air updates, infotainment, and real-time vehicle features. AT&T (T) Expands Partnership With Rivian (RIVN) to Provide 5G Connectivity for R2 Platform
• Positive Sentiment: Needham reaffirmed its Buy rating on Rivian and set a $23 price target, signaling confidence in upside from current levels. Needham Reiterates Buy Rating on Rivian Automotive Inc. (RIVN)
• Positive Sentiment: Some commentary highlights Rivian’s Q1 results and R2 launch as evidence the company is becoming a more credible EV business, with software and new model development helping support the long-term story. Rivian vs Lucid: This EV Stock Is The Better Buy
• Neutral Sentiment: Rivian began deliveries of the lower-priced R2 SUV, a major milestone for the company, but the market reaction has been volatile as investors assess early demand and execution. Rivian stock falls as R2 SUV deliveries begin
• Neutral Sentiment: Several reports note mixed early sentiment around the R2, including concerns about value versus Tesla’s Model Y and questions about missing software features, which may be tempering enthusiasm. RIVN Stock Slides Overnight: Rivian’s ‘Affordable’ R2 Draws Backlash
• Negative Sentiment: Rivian shares also came under pressure after a sharp drop in the prior session, with articles pointing to broader skepticism around the stock after the R2 launch. Why Rivian Automotive (RIVN) Dipped More Than Broader Market Today

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RIVN. Piper Sandler dropped their price target on Rivian Automotive from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Friday, February 13th. Cantor Fitzgerald boosted their price objective on Rivian Automotive from $18.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Canaccord Genuity Group reiterated a “buy” rating and issued a $22.00 price objective on shares of Rivian Automotive in a research report on Monday, April 6th. Weiss Ratings upgraded Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, June 3rd. Finally, Tigress Financial reiterated a “buy” rating and issued a $25.00 price objective on shares of Rivian Automotive in a research report on Friday, April 10th. Twelve analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $18.57.

Rivian Automotive Trading Up 5.3%

The firm has a market cap of $19.28 billion, a P/E ratio of -5.32 and a beta of 1.62. The business’s 50-day moving average is $15.50 and its two-hundred day moving average is $16.36. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 10,245 shares of the firm’s stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total value of $184,410.00. Following the completion of the transaction, the chief financial officer owned 946,814 shares of the company’s stock, valued at approximately $17,042,652. This trade represents a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 firm’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction 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 approximately $13,834,290. This trade represents 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 ninety days, insiders sold 117,790 shares of company stock valued at $1,832,466. 1.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of Rivian Automotive by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock valued at $1,198,967,000 after acquiring an additional 2,597,310 shares during the period. Capital International Investors grew its position in shares of Rivian Automotive by 13.2% in the 4th quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after acquiring an additional 2,418,717 shares during the period. Renaissance Technologies LLC grew its position in shares of Rivian Automotive by 32.4% in the 4th quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock valued at $323,195,000 after acquiring an additional 4,012,386 shares during the period. Geode Capital Management LLC grew its position in shares of Rivian Automotive by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 14,782,865 shares of the electric vehicle automaker’s stock valued at $290,568,000 after acquiring an additional 59,503 shares during the period. Finally, Norges Bank bought a new position in shares of Rivian Automotive in the 4th quarter valued at about $220,323,000. Institutional investors 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.