Rivian Automotive (NASDAQ:RIVN) Shares Down 2.3% After Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded down 2.3% during trading on Tuesday following insider selling activity. The stock traded as low as $14.73 and last traded at $14.98. 12,070,085 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 39,903,270 shares. The stock had previously closed at $15.34.

Specifically, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,784,877.65. The trade was a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RIVN. Truist Financial lowered their price objective on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research report on Wednesday, October 16th. Wolfe Research began coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. Mizuho dropped their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Barclays decreased their target price on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Finally, Canaccord Genuity Group dropped their price target on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and a consensus target price of $15.83.

Rivian Automotive Trading Down 4.2 %

The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The stock’s 50-day moving average is $11.18 and its two-hundred day moving average is $12.71. The company has a market cap of $15.00 billion, a P/E ratio of -2.63 and a beta of 2.12.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently modified their holdings of the company. Wilmington Savings Fund Society FSB purchased a new stake in Rivian Automotive during the third quarter valued at $28,000. GHP Investment Advisors Inc. grew its stake in shares of Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 1,002 shares during the period. American Capital Advisory LLC increased its position 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 purchasing an additional 2,111 shares during the last quarter. Hantz Financial Services Inc. lifted its stake in shares of Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after purchasing an additional 2,900 shares during the period. Finally, International Assets Investment Management LLC purchased a new position in shares of Rivian Automotive in the second quarter worth approximately $37,000. 66.25% of the stock is owned by 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.