Rivian Automotive (NASDAQ:RIVN) Shares Down 3.5%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price fell 3.5% during mid-day trading on Monday . The stock traded as low as $13.35 and last traded at $13.46. 8,085,928 shares changed hands 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 analysts recently commented on RIVN shares. Wedbush reaffirmed an “outperform” rating and set a $20.00 price objective on shares of Rivian Automotive in a research note on Wednesday, August 7th. Morgan Stanley upped their price objective on shares of Rivian Automotive from $13.00 to $17.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Guggenheim initiated coverage on shares of Rivian Automotive in a research report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price target for the company. Mizuho increased their price target on Rivian Automotive from $11.00 to $15.00 and gave the stock a “neutral” rating in a report on Friday, July 12th. Finally, Canaccord Genuity Group lifted their price target on shares of Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, July 1st. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.09.

Rivian Automotive Stock Down 3.7 %

The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. The business’s 50 day moving average price is $14.20 and its 200-day moving average price is $12.49. The firm has a market capitalization of $13.37 billion, a PE ratio of -2.33 and a beta of 2.09.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction 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 of the company’s stock, valued at approximately $10,234,023.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive 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 completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. 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 in the last quarter. 2.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

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

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.