Rivian Automotive (NASDAQ:RIVN) Trading Down 2.1% After Insider Selling

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 2.1% on Friday after an insider sold shares in the company. The stock traded as low as $13.31 and last traded at $13.74. 9,321,729 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 39,672,680 shares. The stock had previously closed at $14.04.

Specifically, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total value of $991,434.52. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,983,450.68. The trade was a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of research analyst reports. Barclays reduced their price objective on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Stifel Nicolaus reduced their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 11th. 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 research report on Friday, November 8th. Wolfe Research started coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They issued a “peer perform” rating for the company. Finally, Wells Fargo & Company decreased their price target on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $15.74.

Rivian Automotive Stock Performance

The business has a 50 day moving average of $11.81 and a 200-day moving average of $12.84. The company has a market capitalization of $13.93 billion, a P/E ratio of -2.44 and a beta of 2.12. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently modified their holdings of the company. Baillie Gifford & Co. boosted its position in shares of Rivian Automotive by 52.5% during the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after acquiring an additional 17,341,786 shares during the last quarter. Renaissance Technologies LLC lifted its position in Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after purchasing an additional 3,285,867 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after buying an additional 2,035,831 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Rivian Automotive by 102.8% in the 2nd quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after buying an additional 1,257,106 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Rivian Automotive by 53.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock valued at $39,889,000 after buying an additional 1,039,758 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Company Profile

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.