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

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were down 4.9% during trading on Thursday after an insider sold shares in the company. The company traded as low as $13.98 and last traded at $14.21. Approximately 32,959,061 shares traded hands during mid-day 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 stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on RIVN shares. Wedbush restated an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a research note on Friday, November 8th. Guggenheim reduced their price objective on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Truist Financial reissued a “hold” rating and set a $12.00 target price on shares of Rivian Automotive in a research note on Friday, January 3rd. Cantor Fitzgerald restated an “overweight” rating and issued a $13.00 price target on shares of Rivian Automotive in a research note on Monday. Finally, Bank of America cut shares of 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 report on Friday, November 8th. One 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. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $15.48.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock’s 50 day moving average price is $12.37 and its 200 day moving average price is $13.03. The company has a market capitalization of $14.50 billion, a P/E ratio of -2.54 and a beta of 2.05.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its position in shares of Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after purchasing an additional 2,035,831 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Rivian Automotive by 1,870.7% in the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock valued at $608,000 after buying an additional 51,464 shares during the period. Mizuho Markets Americas LLC grew its position in shares of Rivian Automotive by 30.7% during the 3rd quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock worth $5,964,000 after buying an additional 124,950 shares during the period. Vontobel Holding Ltd. increased its stake in shares of Rivian Automotive by 543.8% in the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock valued at $1,601,000 after acquiring an additional 120,544 shares in the last quarter. Finally, Renaissance Capital LLC increased its stake in shares of Rivian Automotive by 20.0% in the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock valued at $9,958,000 after acquiring an additional 148,197 shares in the last quarter. 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.