Rivian Automotive (NASDAQ:RIVN) Shares Down 1.6% Following Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was down 1.6% on Tuesday after an insider sold shares in the company. The company traded as low as $13.28 and last traded at $13.31. Approximately 4,913,778 shares traded hands during trading, a decline of 88% from the average daily volume of 42,108,438 shares. The stock had previously closed at $13.53.

Specifically, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. The sale was disclosed in a filing with the SEC, which is available at this link.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RIVN. DA Davidson lifted their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, June 28th. Truist Financial upped their price objective on Rivian Automotive from $13.00 to $16.00 and gave the company a “hold” rating in a research note on Friday, August 2nd. Canaccord Genuity Group raised their target price on Rivian Automotive from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, July 1st. Needham & Company LLC lowered their price target on Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Finally, The Goldman Sachs Group increased their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research note on Monday, July 1st. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $18.14.

Rivian Automotive Stock Down 2.4 %

The firm’s 50 day moving average price is $14.45 and its 200-day moving average price is $12.39. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The company has a market cap of $13.14 billion, a P/E ratio of -2.29 and a beta of 2.09.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. B. Riley Wealth Advisors Inc. raised its position in shares of Rivian Automotive by 149.5% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 52,117 shares of the electric vehicle automaker’s stock valued at $699,000 after acquiring an additional 31,232 shares during the last quarter. Regal Investment Advisors LLC increased its holdings in Rivian Automotive by 7.0% in the second quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker’s stock valued at $262,000 after purchasing an additional 1,281 shares during the last quarter. Quarry LP acquired a new position in Rivian Automotive in the second quarter valued at about $105,000. Susquehanna Fundamental Investments LLC bought a new position in Rivian Automotive during the second quarter worth about $9,388,000. Finally, The Manufacturers Life Insurance Company grew its position in shares of Rivian Automotive by 90.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 72,313 shares of the electric vehicle automaker’s stock worth $970,000 after buying an additional 34,303 shares during the period. 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.