Rivian Automotive (NASDAQ:RIVN) Shares Down 4.5% on Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 4.5% on Wednesday after an insider sold shares in the company. The company traded as low as $14.13 and last traded at $14.28. Approximately 13,431,561 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 52,380,133 shares. The stock had previously closed at $14.95.

Specifically, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $13,960,547.37. This represents a 7.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Analysts Set New Price Targets

Several research firms have weighed in on RIVN. Mizuho cut their target price on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. JPMorgan Chase & Co. decreased their price target on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Tuesday, October 22nd. Robert W. Baird reaffirmed a “neutral” rating and set a $16.00 price objective (down previously from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Wells Fargo & Company decreased 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, Baird R W lowered Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and a consensus price target of $15.48.

Rivian Automotive Trading Down 2.5 %

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The business has a 50 day moving average price of $12.53 and a 200-day moving average price of $13.05. The company has a market cap of $14.14 billion, a P/E ratio of -2.47 and a beta of 2.05.

Institutional Trading of Rivian Automotive

A number of large investors have recently added to or reduced their stakes in the company. Baillie Gifford & Co. raised its holdings in shares of Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after purchasing an additional 17,341,786 shares during the period. Geode Capital Management LLC increased its position in Rivian Automotive by 1.8% during the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock worth $145,550,000 after buying an additional 223,860 shares during the last quarter. Renaissance Technologies LLC raised its stake in Rivian Automotive by 153.2% in the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after buying an additional 3,285,867 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Rivian Automotive by 79.2% in the third 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 buying an additional 2,035,831 shares during the last quarter. Finally, abrdn plc boosted its stake in shares of Rivian Automotive by 17.8% during the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock worth $38,587,000 after acquiring an additional 518,561 shares during the period. Institutional investors and hedge funds 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.