Rivian Automotive (NASDAQ:RIVN) Stock Price Down 3.5%

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded down 3.5% during trading on Monday . The company traded as low as $13.35 and last traded at $13.46. 8,085,928 shares were traded during mid-day trading, a decline of 81% from the average session volume of 42,700,566 shares. The stock had previously closed at $13.95.

Analyst Ratings Changes

Several research firms have issued reports on RIVN. Needham & Company LLC dropped their price objective on Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Wedbush reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a report on Wednesday, August 7th. Barclays increased their target price on Rivian Automotive from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 16th. Wells Fargo & Company dropped their price target on Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. Finally, Canaccord Genuity Group increased their price objective on shares of Rivian Automotive from $20.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, July 1st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average target price of $18.09.

Rivian Automotive Stock Performance

The business’s fifty day moving average is $14.20 and its 200-day moving average is $12.49. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. The company has a market cap of $13.37 billion, a PE ratio of -2.33 and a beta of 2.09.

Insider Activity

In related news, CEO Robert J. Scaringe sold 200,000 shares of the business’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the sale, the chief executive officer now owns 909,691 shares in the company, valued at $16,374,438. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Robert J. Scaringe sold 200,000 shares of the stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,234,023.75. The disclosure for this sale can be found here. Insiders have sold a total of 485,716 shares of company stock worth $7,509,309 over the last quarter. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently added to or reduced their stakes in RIVN. Assenagon Asset Management S.A. raised its stake in shares of Rivian Automotive by 1.7% during the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after acquiring an additional 604 shares in the last quarter. Federated Hermes Inc. raised its position in Rivian Automotive by 8.2% during the 4th quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock valued at $201,000 after purchasing an additional 651 shares in the last quarter. First Horizon Advisors Inc. grew its position in shares of Rivian Automotive by 30.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after buying an additional 670 shares in the last quarter. Laidlaw Wealth Management LLC increased its stake in shares of Rivian Automotive by 7.5% during the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock valued at $241,000 after buying an additional 718 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of Rivian Automotive by 28.0% in the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after acquiring an additional 760 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.