Rivian Automotive (NASDAQ:RIVN) Trading Down 2.3% on Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 2.3% during mid-day trading on Tuesday after an insider sold shares in the company. The company 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 the business’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $13.65, for a total value of $975,005.85. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,784,877.65. The trade was a 7.64 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RIVN. Benchmark began coverage on shares of Rivian Automotive in a research report on Monday, December 9th. They set a “buy” rating and a $18.00 price target for the company. Morgan Stanley downgraded shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. Needham & Company LLC decreased their price target on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $19.00 price objective on shares of Rivian Automotive in a research note on Monday, September 30th. Finally, Wedbush reiterated an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $15.74.

Rivian Automotive Trading Down 11.2 %

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company’s 50-day moving average price is $11.26 and its 200-day moving average price is $12.74. The firm has a market capitalization of $13.33 billion, a PE ratio of -2.33 and a beta of 2.12.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive during the 3rd quarter worth about $28,000. GHP Investment Advisors Inc. boosted its holdings in Rivian Automotive by 63.2% in the third 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 in the last quarter. International Assets Investment Management LLC purchased a new position in Rivian Automotive in the second quarter valued at approximately $37,000. First Horizon Advisors Inc. raised its holdings in Rivian Automotive by 30.7% during the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after purchasing an additional 670 shares in the last quarter. Finally, American Capital Advisory LLC lifted 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 worth $33,000 after buying an additional 2,111 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.