Rivian Automotive (NASDAQ:RIVN) Stock Price Down 4.5% Following Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was down 4.5% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $14.13 and last traded at $14.28. Approximately 13,431,561 shares changed hands during trading, a decline of 74% from the average daily volume of 52,380,133 shares. The stock had previously closed at $14.95.

Specifically, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction 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 sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RIVN. Barclays dropped their price objective on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. The Goldman Sachs Group increased their target price on Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Morgan Stanley lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. Truist Financial restated a “hold” rating and issued a $12.00 target price on shares of Rivian Automotive in a report on Friday, January 3rd. Finally, Mizuho cut their price target on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, November 4th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $15.48.

Rivian Automotive Price Performance

The stock’s 50-day moving average is $12.53 and its 200 day moving average is $13.05. 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 stock has a market capitalization of $14.14 billion, a PE ratio of -2.47 and a beta of 2.05.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently made changes to their positions in RIVN. John G Ullman & Associates Inc. grew its holdings in shares of Rivian Automotive by 9.1% during the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after buying an additional 1,000 shares during the last quarter. GHP Investment Advisors Inc. grew its stake in shares of Rivian Automotive by 63.2% in the 3rd 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 during the last quarter. Intech Investment Management LLC increased its holdings in shares of Rivian Automotive by 1.4% in the second quarter. Intech Investment Management LLC now owns 76,967 shares of the electric vehicle automaker’s stock valued at $1,033,000 after purchasing an additional 1,055 shares during the period. Tradition Wealth Management LLC raised its stake in shares of Rivian Automotive by 11.9% during the third quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock worth $132,000 after purchasing an additional 1,250 shares during the last quarter. Finally, Regal Investment Advisors LLC lifted its holdings in shares of Rivian Automotive by 7.0% during the second quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker’s stock worth $262,000 after purchasing an additional 1,281 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.