Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.1% on Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was down 2.1% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $13.31 and last traded at $13.74. Approximately 9,321,729 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 39,672,680 shares. The stock had previously closed at $14.04.

Specifically, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $13.88, for a total value of $991,434.52. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,983,450.68. The trade was a 7.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RIVN. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $14.00 price objective on shares of Rivian Automotive in a research note on Tuesday, September 10th. The Goldman Sachs Group lifted their price target on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Stifel Nicolaus dropped their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. Needham & Company LLC decreased their target price on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Finally, Bank of America downgraded Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $20.00 to $13.00 in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $15.74.

Rivian Automotive Stock Down 2.8 %

The stock’s 50-day moving average price is $11.74 and its two-hundred day moving average price is $12.83. 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 capitalization of $13.93 billion, a P/E ratio of -2.44 and a beta of 2.12.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently bought and sold shares of the company. Raymond James & Associates raised its stake in Rivian Automotive by 11.1% in the 2nd quarter. Raymond James & Associates now owns 152,748 shares of the electric vehicle automaker’s stock valued at $2,050,000 after acquiring an additional 15,252 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Rivian Automotive by 53.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock valued at $39,889,000 after buying an additional 1,039,758 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Rivian Automotive by 6.6% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 99,378 shares of the electric vehicle automaker’s stock valued at $1,334,000 after buying an additional 6,132 shares in the last quarter. HB Wealth Management LLC boosted its holdings in Rivian Automotive by 67.3% in the 2nd quarter. HB Wealth Management LLC now owns 21,119 shares of the electric vehicle automaker’s stock worth $283,000 after buying an additional 8,493 shares during the period. Finally, Panagora Asset Management Inc. grew its stake in Rivian Automotive by 13.2% in the 2nd quarter. Panagora Asset Management Inc. now owns 31,283 shares of the electric vehicle automaker’s stock valued at $420,000 after buying an additional 3,637 shares in the last quarter. 66.25% of the stock is 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.