Arrival (NASDAQ:ARVL) Shares Down 33.7%

Arrival (NASDAQ:ARVL)’s stock price fell 33.7% on Monday . The stock traded as low as $0.48 and last traded at $0.49. 2,474,700 shares traded hands during mid-day trading, an increase of 684% from the average session volume of 315,558 shares. The stock had previously closed at $0.74.

Arrival Price Performance

The company’s 50 day moving average price is $0.28 and its two-hundred day moving average price is $0.84.

Hedge Funds Weigh In On Arrival

Hedge funds and other institutional investors have recently modified their holdings of the business. Morgan Stanley raised its stake in Arrival by 119.3% during the fourth quarter. Morgan Stanley now owns 3,517,672 shares of the company’s stock worth $561,000 after purchasing an additional 1,913,415 shares during the period. Norges Bank purchased a new position in Arrival during the fourth quarter worth about $103,000. Two Sigma Investments LP raised its stake in Arrival by 66.6% during the fourth quarter. Two Sigma Investments LP now owns 5,656,512 shares of the company’s stock worth $902,000 after purchasing an additional 2,261,897 shares during the period. Renaissance Technologies LLC raised its stake in Arrival by 726.9% during the fourth quarter. Renaissance Technologies LLC now owns 15,888,300 shares of the company’s stock worth $2,534,000 after purchasing an additional 13,966,900 shares during the period. Finally, Geode Capital Management LLC raised its stake in Arrival by 92.0% during the fourth quarter. Geode Capital Management LLC now owns 501,750 shares of the company’s stock worth $80,000 after purchasing an additional 240,472 shares during the period.

About Arrival

Arrival engages in the research and development, and design of commercial electric vehicles (EVs), EVs components, robotic manufacturing processes for EVs, and associated software in the United Kingdom, the United States, Russia, and internationally. Its products portfolio includes commercial EV vans, buses, and cars.