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

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was down 4.9% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $13.98 and last traded at $14.21. Approximately 32,959,061 shares traded hands during trading, a decline of 42% from the average daily 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 dated 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 transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $13,960,547.37. This represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. reduced their price target on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research report on Tuesday, October 22nd. Wells Fargo & Company cut their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Wedbush reissued an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a research report on Friday, November 8th. Finally, Royal Bank of Canada decreased their price objective on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. One investment 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $15.48.

Rivian Automotive Stock Down 4.9 %

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 $12.37 and a 200 day moving average price of $13.03. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Nordea Investment Management AB boosted its stake in shares of Rivian Automotive by 12.1% in the fourth quarter. Nordea Investment Management AB now owns 63,074 shares of the electric vehicle automaker’s stock valued at $901,000 after buying an additional 6,817 shares during the period. Everence Capital Management Inc. acquired a new position in Rivian Automotive in the 4th quarter valued at $380,000. GAMMA Investing LLC lifted its position in shares of Rivian Automotive by 82.6% during the 4th quarter. GAMMA Investing LLC now owns 8,893 shares of the electric vehicle automaker’s stock valued at $118,000 after acquiring an additional 4,022 shares during the period. B. Riley Wealth Advisors Inc. grew its holdings in shares of Rivian Automotive by 72.2% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 89,764 shares of the electric vehicle automaker’s stock worth $994,000 after purchasing an additional 37,647 shares in the last quarter. Finally, Tidal Investments LLC increased its position in shares of Rivian Automotive by 28.8% in the third quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker’s stock worth $3,018,000 after purchasing an additional 60,205 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.