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

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) fell 2.3% during 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 firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total value of $975,005.85. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,784,877.65. This trade represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on RIVN shares. Wolfe Research started coverage on Rivian Automotive in a research report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Wedbush restated an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a research note on Tuesday, September 10th. Truist Financial cut their price target on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and an average price target of $15.83.

Rivian Automotive Stock Down 4.2 %

The company has a market capitalization of $15.00 billion, a P/E ratio of -2.63 and a beta of 2.12. 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’s fifty day moving average is $11.18 and its 200 day moving average is $12.71.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. lifted its stake in Rivian Automotive by 1.7% in the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock worth $492,000 after acquiring an additional 604 shares during the period. First Horizon Advisors Inc. lifted its position in shares of Rivian Automotive by 30.7% in the 2nd 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 during the period. Certuity LLC lifted its position in shares of Rivian Automotive by 8.1% in the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock worth $145,000 after purchasing an additional 815 shares during the period. Blue Trust Inc. boosted its stake in shares of Rivian Automotive by 39.0% during the 2nd quarter. Blue Trust Inc. now owns 3,230 shares of the electric vehicle automaker’s stock valued at $43,000 after purchasing an additional 907 shares in the last quarter. Finally, John G Ullman & Associates Inc. increased its position 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 valued at $135,000 after buying an additional 1,000 shares during the period. 66.25% of the stock is currently owned by 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.