Rivian Automotive (NASDAQ:RIVN) Shares Down 6.1% Following Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded down 6.1% on Thursday after an insider sold shares in the company. The stock traded as low as $15.73 and last traded at $16.43. 96,736,937 shares traded hands during trading, an increase of 151% from the average session volume of 38,535,348 shares. The stock had previously closed at $17.50.

Specifically, CEO Robert J. Scaringe sold 17,450 shares of the stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $17.53, for a total value of $305,898.50. Following the completion of the transaction, the chief executive officer directly owned 1,167,559 shares of the company’s stock, valued at $20,467,309.27. This represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RIVN. Zacks Research upgraded Rivian Automotive from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. JPMorgan Chase & Co. upped their price target on Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Monday, October 20th. Mizuho reiterated an “underperform” rating and issued a $10.00 price objective (down previously from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. UBS Group boosted their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, October 6th. Finally, DA Davidson increased their price target on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 11th. Six investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $14.86.

Rivian Automotive Stock Up 12.1%

The company has a market capitalization of $22.58 billion, a PE ratio of -5.92 and a beta of 1.79. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71. The company’s 50-day moving average is $14.97 and its 200 day moving average is $14.07.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently made changes to their positions in the company. Prospera Financial Services Inc raised its holdings in Rivian Automotive by 5.2% in the 3rd quarter. Prospera Financial Services Inc now owns 15,803 shares of the electric vehicle automaker’s stock worth $232,000 after acquiring an additional 775 shares during the last quarter. Siemens Fonds Invest GmbH raised its stake in shares of Rivian Automotive by 7.7% in the third quarter. Siemens Fonds Invest GmbH now owns 10,874 shares of the electric vehicle automaker’s stock worth $160,000 after purchasing an additional 780 shares during the last quarter. Equitable Holdings Inc. raised its stake in shares of Rivian Automotive by 5.8% in the third quarter. Equitable Holdings Inc. now owns 14,699 shares of the electric vehicle automaker’s stock worth $216,000 after purchasing an additional 803 shares during the last quarter. TD Asset Management Inc lifted its holdings in shares of Rivian Automotive by 1.2% during the second quarter. TD Asset Management Inc now owns 75,841 shares of the electric vehicle automaker’s stock valued at $1,042,000 after purchasing an additional 870 shares in the last quarter. Finally, First National Trust Co boosted its position in shares of Rivian Automotive by 5.6% during the third quarter. First National Trust Co now owns 16,900 shares of the electric vehicle automaker’s stock valued at $248,000 after buying an additional 900 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

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.