Rivian Automotive (NASDAQ:RIVN) Trading Down 7.8% on Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded down 7.8% on Friday after an insider sold shares in the company. The stock traded as low as $15.07 and last traded at $15.11. 59,575,148 shares were traded during mid-day trading, an increase of 56% from the average session volume of 38,240,844 shares. The stock had previously closed at $16.39.

Specifically, CEO Robert J. Scaringe sold 52,350 shares of the company’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $16.60, for a total value of $869,010.00. Following the transaction, the chief executive officer directly owned 1,246,405 shares of the company’s stock, valued at $20,690,323. This represents a 4.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. UBS Group boosted their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Monday, October 6th. The Goldman Sachs Group reduced their price target on Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. Mizuho reaffirmed an “underperform” rating and issued a $10.00 price objective (down from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. Tigress Financial raised their price target on Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Zacks Research raised Rivian Automotive from a “strong sell” rating to a “hold” rating in a research note on Monday. Six investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and a consensus target price of $14.30.

Rivian Automotive Stock Down 7.8%

The firm’s fifty day moving average is $14.16 and its 200-day moving average is $13.81. The company has a market capitalization of $18.33 billion, a P/E ratio of -4.86 and a beta of 1.81. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Assetmark Inc. grew its position in Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock worth $25,000 after acquiring an additional 1,357 shares during the last quarter. Banque Transatlantique SA grew its holdings in shares of Rivian Automotive by 13,194.1% during the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 2,243 shares during the last quarter. Newbridge Financial Services Group Inc. increased its stake in shares of Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 1,000 shares during the period. Mather Group LLC. bought a new position in Rivian Automotive in the 3rd quarter valued at approximately $30,000. Finally, Fairman Group LLC acquired a new stake in Rivian Automotive during the 2nd quarter worth approximately $31,000. 66.25% of the stock is currently 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.