Rivian Automotive (NASDAQ:RIVN) Trading Down 4.9% After Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN) shares dropped 4.9% during mid-day trading on Thursday after an insider sold shares in the company. The company 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 that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analyst Ratings Changes

Several research analysts have commented on the stock. Barclays lowered their price objective on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. Morgan Stanley downgraded Rivian Automotive from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. Wells Fargo & Company decreased their target price on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. Wedbush reissued an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a report on Friday, November 8th. Finally, Stifel Nicolaus lowered their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $15.48.

Rivian Automotive Stock Down 2.5 %

The stock’s 50-day moving average price is $12.53 and its 200-day moving average price is $13.05. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a market cap of $14.14 billion, a price-to-earnings ratio of -2.47 and a beta of 2.05.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of RIVN. Principal Financial Group Inc. lifted its stake in shares of Rivian Automotive by 6.7% in the 2nd quarter. Principal Financial Group Inc. now owns 61,220 shares of the electric vehicle automaker’s stock valued at $822,000 after purchasing an additional 3,849 shares during the period. Private Advisor Group LLC boosted its holdings in shares of Rivian Automotive by 8.1% during the 2nd quarter. Private Advisor Group LLC now owns 52,147 shares of the electric vehicle automaker’s stock worth $700,000 after buying an additional 3,904 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Rivian Automotive during the 2nd quarter worth approximately $258,000. Royal London Asset Management Ltd. increased its stake in shares of Rivian Automotive by 19.6% in the 2nd quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker’s stock valued at $4,027,000 after acquiring an additional 49,216 shares in the last quarter. Finally, Coldstream Capital Management Inc. acquired a new position in shares of Rivian Automotive during the 2nd quarter valued at $650,000. Institutional investors and hedge funds 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.