Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.4% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were down 1.4% on Tuesday . The company traded as low as $14.81 and last traded at $14.89. Approximately 24,049,308 shares changed hands during mid-day trading, a decline of 20% from the average daily volume of 29,950,742 shares. The stock had previously closed at $15.10.

Analyst Ratings Changes

Several analysts have recently commented on RIVN shares. Leerink Partners restated an “outperform” rating on shares of Rivian Automotive in a research note on Thursday, March 12th. Wall Street Zen upgraded Rivian Automotive from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Needham & Company LLC reissued a “buy” rating and set a $23.00 price target on shares of Rivian Automotive in a report on Wednesday, June 10th. Benchmark restated a “buy” rating and issued a $25.00 price objective on shares of Rivian Automotive in a research report on Friday, May 1st. Finally, Weiss Ratings downgraded Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday. Twelve equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and a consensus target price of $18.57.

Rivian Automotive Stock Performance

The firm’s 50-day moving average price is $15.67 and its 200-day moving average price 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. The stock has a market cap of $18.48 billion, a P/E ratio of -5.10 and a beta of 1.62.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 10,245 shares of the stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total transaction 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 $17,042,652. This represents a 1.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 dated Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the transaction, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at $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. Insiders have sold 100,340 shares of company stock valued at $1,560,246 over the last ninety days. 1.48% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently made changes to their positions in the company. Core Wealth Advisors LLC bought a new stake in Rivian Automotive in the 4th quarter worth approximately $27,000. SOA Wealth Advisors LLC. boosted its position in shares of Rivian Automotive by 894.2% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after acquiring an additional 1,395 shares during the last quarter. Zions Bancorporation National Association UT purchased a new position in shares of Rivian Automotive in the fourth quarter valued at $33,000. Glass Jacobson Investment Advisors llc grew its holdings in shares of Rivian Automotive by 96.3% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock valued at $34,000 after purchasing an additional 852 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. increased its position in Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 1,000 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.