Rivian Automotive (NASDAQ:RIVN) Shares Down 4.9% After Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN) shares fell 4.9% during trading on Thursday following insider selling activity. The company traded as low as $13.98 and last traded at $14.21. 32,959,061 shares traded hands during trading, a decline of 42% from the average session volume of 56,455,809 shares. The stock had previously closed at $14.95.

Specifically, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link.

Analyst Ratings Changes

RIVN has been the topic of several research analyst reports. Royal Bank of Canada cut their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Piper Sandler reduced their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, November 8th. Baird R W downgraded Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. The Goldman Sachs Group increased their price target on Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Finally, JPMorgan Chase & Co. decreased their price objective on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $15.48.

Rivian Automotive Stock Performance

The company’s 50-day simple moving average is $12.44 and its 200 day simple moving average is $13.04. The stock has a market cap of $14.50 billion, a P/E ratio of -2.54 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.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently modified their holdings of the business. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive in the 3rd quarter valued at $28,000. GHP Investment Advisors Inc. grew its position in Rivian Automotive by 63.2% during 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 during the period. American Capital Advisory LLC grew its position in Rivian Automotive by 267.6% during the third 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 position in Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after acquiring an additional 2,900 shares during the period. Finally, Capital Performance Advisors LLP bought a new stake in Rivian Automotive in the third quarter worth about $44,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.