Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.1% Following Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN) shares fell 2.1% on Friday after an insider sold shares in the company. The stock traded as low as $13.31 and last traded at $13.74. 9,321,729 shares traded hands during trading, a decline of 77% from the average session volume of 39,672,680 shares. The stock had previously closed at $14.04.

Specifically, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total value of $991,434.52. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,983,450.68. The trade was a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on RIVN shares. Royal Bank of Canada lowered their price target on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Wedbush restated an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $14.00 price target on shares of Rivian Automotive in a research report on Tuesday, September 10th. The Goldman Sachs Group boosted their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Finally, Piper Sandler decreased their target price on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Rivian Automotive has an average rating of “Hold” and a consensus target price of $15.74.

Rivian Automotive Trading Down 2.4 %

The stock’s fifty day simple moving average is $11.66 and its two-hundred day simple moving average is $12.82. The firm has a market cap of $13.99 billion, a PE ratio of -2.45 and a beta of 2.12. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in RIVN. Wilmington Savings Fund Society FSB purchased a new stake in shares of Rivian Automotive in the third quarter worth $28,000. GHP Investment Advisors Inc. boosted its stake in Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 1,002 shares in the last quarter. American Capital Advisory LLC increased its stake in Rivian Automotive by 267.6% during the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after purchasing an additional 2,111 shares in the last quarter. Hantz Financial Services Inc. raised its holdings in Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after buying an additional 2,900 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new position in shares of Rivian Automotive in the second quarter worth approximately $37,000. Hedge funds and other 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.