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

Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 2.1% during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $13.31 and last traded at $13.74. Approximately 9,321,729 shares traded hands during mid-day trading, a decline of 77% from the average daily 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 dated Monday, December 23rd. The shares were sold at an average price of $13.88, for a total transaction of $991,434.52. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,983,450.68. This represents a 7.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on RIVN shares. JPMorgan Chase & Co. dropped their price target on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Tuesday, October 22nd. Piper Sandler cut their price target on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. Morgan Stanley cut Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $16.00 to $13.00 in a research note on Wednesday, September 25th. Guggenheim dropped their price objective on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Finally, Needham & Company LLC reduced their target price on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $15.74.

Rivian Automotive Price Performance

The company’s fifty day moving average is $11.81 and its 200 day moving average is $12.84. The firm has a market cap of $13.93 billion, a price-to-earnings ratio of -2.44 and a beta of 2.12. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently bought and sold shares of RIVN. B. Riley Wealth Advisors Inc. increased its position in shares of Rivian Automotive by 72.2% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 89,764 shares of the electric vehicle automaker’s stock worth $994,000 after purchasing an additional 37,647 shares during the last quarter. Tidal Investments LLC increased its holdings in Rivian Automotive by 28.8% during the third quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker’s stock worth $3,018,000 after buying an additional 60,205 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive during the third quarter worth $28,000. World Investment Advisors LLC lifted its stake in Rivian Automotive by 8.6% in the third quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock valued at $204,000 after acquiring an additional 1,446 shares during the last quarter. Finally, Sanctuary Advisors LLC grew its position in shares of Rivian Automotive by 9.0% in the 3rd quarter. Sanctuary Advisors LLC now owns 44,675 shares of the electric vehicle automaker’s stock valued at $457,000 after acquiring an additional 3,681 shares during the period. Institutional investors own 66.25% of the company’s stock.

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.