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

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 4.9% on Thursday following insider selling activity. The stock traded as low as $13.98 and last traded at $14.21. 32,959,061 shares changed hands during mid-day trading, a decline of 42% from the average session 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 company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Wedbush reaffirmed an “outperform” rating and set a $20.00 price objective on shares of Rivian Automotive in a research report on Friday, November 8th. Needham & Company LLC cut their price target on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a report on Friday, November 8th. Canaccord Genuity Group decreased their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Wells Fargo & Company cut their target price on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Finally, Bank of America lowered Rivian Automotive from a “buy” rating to a “neutral” rating and decreased their price target for the company 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 issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $15.48.

Rivian Automotive Trading Down 4.9 %

The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company has a market cap of $14.50 billion, a price-to-earnings ratio of -2.54 and a beta of 2.05. The firm has a 50 day moving average price of $12.44 and a two-hundred day moving average price of $13.04.

Institutional Trading of Rivian Automotive

Institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted 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 last quarter. Private Advisor Group LLC lifted its holdings in Rivian Automotive by 8.1% in the second quarter. Private Advisor Group LLC now owns 52,147 shares of the electric vehicle automaker’s stock valued at $700,000 after buying an additional 3,904 shares during the period. Acadian Asset Management LLC bought a new stake in Rivian Automotive during the second quarter valued at $258,000. Royal London Asset Management Ltd. grew its holdings in Rivian Automotive by 19.6% during the 2nd quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker’s stock worth $4,027,000 after acquiring an additional 49,216 shares during the period. Finally, Coldstream Capital Management Inc. bought a new position in shares of Rivian Automotive in the 2nd quarter worth about $650,000. 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.