Rivian Automotive (NASDAQ:RIVN) Stock Price Down 4.9% Following Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was down 4.9% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $13.98 and last traded at $14.21. Approximately 32,959,061 shares traded hands during mid-day trading, a decline of 42% from the average daily 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 business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $13,960,547.37. The trade was a 7.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $13.00 price objective on shares of Rivian Automotive in a research note on Monday, January 6th. Canaccord Genuity Group reduced their price target on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, October 7th. Benchmark began coverage on shares of Rivian Automotive in a report on Monday, December 9th. They set a “buy” rating and a $18.00 price objective on the stock. Needham & Company LLC decreased their target price on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Finally, Wells Fargo & Company lowered their target price on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and a consensus price target of $15.48.

Rivian Automotive Trading Down 2.5 %

The firm has a fifty day simple moving average of $12.53 and a two-hundred day simple moving average of $13.05. The firm has a market capitalization of $14.14 billion, a P/E ratio of -2.47 and a beta of 2.05. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. boosted its holdings in shares of Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after acquiring an additional 17,341,786 shares during the period. Renaissance Technologies LLC grew its holdings in Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after buying an additional 3,285,867 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rivian Automotive by 79.2% in the third 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 grew its position in shares of Rivian Automotive by 102.8% during the 2nd quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock valued at $33,276,000 after purchasing an additional 1,257,106 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in Rivian Automotive in the 2nd quarter worth about $9,388,000. 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.