Rivian Automotive (NASDAQ:RIVN) Stock Price Down 3.7% on Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded down 3.7% on Wednesday after an insider sold shares in the company. The company traded as low as $13.95 and last traded at $14.15. 11,260,434 shares were traded during trading, a decline of 72% from the average session volume of 39,866,250 shares. The stock had previously closed at $14.70.

Specifically, CFO Claire Mcdonough sold 18,501 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.00, for a total transaction of $277,515.00. Following the sale, the chief financial officer now owns 351,900 shares in the company, valued at approximately $5,278,500. This represents a 4.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,784,877.65. This represents a 7.64 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

RIVN has been the topic of several research analyst reports. The Goldman Sachs Group upped their price objective on Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Stifel Nicolaus reduced 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. Morgan Stanley cut shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $16.00 to $13.00 in a research note on Wednesday, September 25th. Bank of America cut shares of Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their price target for the company from $20.00 to $13.00 in a report on Friday, November 8th. Finally, Canaccord Genuity Group reduced their price objective on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a report on Monday, October 7th. 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’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $15.74.

Rivian Automotive Price Performance

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 firm has a market capitalization of $13.33 billion, a P/E ratio of -2.33 and a beta of 2.12. The business’s 50 day moving average is $11.37 and its 200-day moving average is $12.74.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB acquired a new stake in Rivian Automotive in the third quarter valued at approximately $28,000. GHP Investment Advisors Inc. raised its position in shares of Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 1,002 shares during the last quarter. International Assets Investment Management LLC bought a new position in Rivian Automotive during the 2nd quarter worth approximately $37,000. First Horizon Advisors Inc. lifted its holdings in Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after buying an additional 670 shares during the period. Finally, American Capital Advisory LLC lifted its stake in shares of Rivian Automotive by 267.6% in the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after purchasing an additional 2,111 shares during the period. Institutional investors 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.