Rivian Automotive (NASDAQ:RIVN) Shares Down 3.1% Following Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price fell 3.1% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $12.23 and last traded at $12.30. 15,056,621 shares traded hands during trading, a decline of 64% from the average session volume of 41,961,789 shares. The stock had previously closed at $12.69.

Specifically, CEO Robert J. Scaringe sold 35,713 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value of $491,410.88. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,879,847.36. The trade was a 3.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analyst Ratings Changes

Several equities analysts have issued reports on RIVN shares. Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Wells Fargo & Company cut their price target on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Piper Sandler lowered their price objective on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. Mizuho cut their target price on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Finally, Benchmark initiated coverage on Rivian Automotive in a research note on Monday, December 9th. They issued a “buy” rating and a $18.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive has an average rating of “Hold” and an average target price of $15.52.

Rivian Automotive Trading Up 2.2 %

The company has a market cap of $13.03 billion, a PE ratio of -2.28 and a beta of 2.05. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The business has a 50 day simple moving average of $13.19 and a two-hundred day simple moving average of $13.01.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB acquired a new stake in Rivian Automotive in the 3rd quarter valued at $28,000. GHP Investment Advisors Inc. grew its stake in shares of Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 1,002 shares in the last quarter. American Capital Advisory LLC raised its holdings in shares of Rivian Automotive by 267.6% during the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after buying an additional 2,111 shares during the period. Hantz Financial Services Inc. raised its holdings in shares of Rivian Automotive by 2,636.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after buying an additional 2,900 shares during the period. Finally, Capital Performance Advisors LLP purchased a new position in Rivian Automotive in the 3rd quarter worth approximately $44,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.