Rivian Automotive (NASDAQ:RIVN) Stock Price Down 8.1% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 8.1% during trading on Monday . The stock traded as low as $15.18 and last traded at $15.1750. Approximately 19,844,480 shares changed hands during trading, a decline of 34% from the average session volume of 29,960,129 shares. The stock had previously closed at $16.52.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on RIVN shares. Weiss Ratings downgraded Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday. TD Cowen restated a “buy” rating and set a $20.00 target price on shares of Rivian Automotive in a research note on Wednesday, June 3rd. Jefferies Financial Group reaffirmed a “hold” rating and set a $15.00 target price on shares of Rivian Automotive in a research report on Tuesday, March 3rd. BNP Paribas Exane reissued an “outperform” rating and issued a $22.00 price target (down from $23.00) on shares of Rivian Automotive in a report on Friday, May 1st. Finally, Cantor Fitzgerald restated a “neutral” rating on shares of Rivian Automotive in a report on Monday, June 15th. Twelve analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and a consensus target price of $18.57.

Rivian Automotive Trading Down 8.5%

The stock has a 50-day moving average of $15.67 and a 200 day moving average of $16.37. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00. The stock has a market cap of $18.76 billion, a PE ratio of -5.19 and a beta of 1.62.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 8,023 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $16.00, for a total transaction 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 $14,192,112. This trade represents a 0.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at 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 stock was 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 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. Over the last 90 days, insiders have sold 100,340 shares of company stock valued at $1,560,246. Company insiders own 1.48% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Danske Bank A S increased its holdings in shares of Rivian Automotive by 36.8% during the 4th quarter. Danske Bank A S now owns 613,993 shares of the electric vehicle automaker’s stock valued at $12,102,000 after purchasing an additional 165,300 shares in the last quarter. Trek Financial LLC purchased a new stake in Rivian Automotive during the fourth quarter worth $6,115,000. Swedbank AB boosted its holdings in Rivian Automotive by 8.6% during the fourth quarter. Swedbank AB now owns 941,304 shares of the electric vehicle automaker’s stock worth $18,553,000 after buying an additional 74,322 shares in the last quarter. DNB Asset Management AS boosted its holdings in Rivian Automotive by 85.4% during the third quarter. DNB Asset Management AS now owns 728,262 shares of the electric vehicle automaker’s stock worth $10,691,000 after buying an additional 335,511 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in Rivian Automotive during the fourth quarter valued at $4,895,000. 66.25% of the stock is owned by institutional investors and hedge funds.

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.