Rivian Automotive (NASDAQ:RIVN) Stock Price Down 3.1% on Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded down 3.1% during trading on Thursday after an insider sold shares in the company. The company traded as low as $12.23 and last traded at $12.30. 15,056,621 shares traded hands during trading, a decline of 64% from the average session volume of 41,961,789 shares. The stock had previously closed at $12.69.

Specifically, CEO Robert J. Scaringe sold 35,713 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $11,879,847.36. This represents a 3.97 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Wedbush reiterated an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a research note on Friday, November 8th. Baird R W lowered Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Mizuho dropped their price target on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Cantor Fitzgerald restated an “overweight” rating and set a $13.00 price objective on shares of Rivian Automotive in a research report on Monday, January 6th. Finally, The Goldman Sachs Group lifted their price target on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $15.52.

Rivian Automotive Price Performance

The company has a market cap of $13.03 billion, a price-to-earnings ratio of -2.28 and a beta of 2.05. The company has a 50-day simple moving average of $13.19 and a 200-day simple moving average of $13.01. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Baillie Gifford & Co. boosted its stake in shares of Rivian Automotive by 52.5% during the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after acquiring an additional 17,341,786 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after purchasing an additional 2,035,831 shares during the last quarter. AQR Capital Management LLC boosted its position in Rivian Automotive by 102.8% during the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after purchasing an additional 1,257,106 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Rivian Automotive in the second quarter valued at $9,388,000. Finally, abrdn plc increased its position in shares of Rivian Automotive by 17.8% in the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after buying an additional 518,561 shares in the last quarter. Institutional investors and hedge funds 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.