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

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

Specifically, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value of $491,410.88. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. UBS Group increased their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Bank of America downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $20.00 to $13.00 in a report on Friday, November 8th. The Goldman Sachs Group increased their target price 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. Guggenheim decreased their price target on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Finally, Barclays increased their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $15.52.

Rivian Automotive Price Performance

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

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of the business. American Century Companies Inc. boosted its stake in shares of Rivian Automotive by 4.1% during the 2nd quarter. American Century Companies Inc. now owns 154,336 shares of the electric vehicle automaker’s stock worth $2,071,000 after acquiring an additional 6,105 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Rivian Automotive by 20.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 172,063 shares of the electric vehicle automaker’s stock valued at $2,309,000 after purchasing an additional 29,218 shares during the period. Mercer Global Advisors Inc. ADV increased its stake in Rivian Automotive by 18.8% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 47,359 shares of the electric vehicle automaker’s stock worth $636,000 after purchasing an additional 7,508 shares in the last quarter. Amalgamated Bank raised its holdings in Rivian Automotive by 19.9% during the 2nd quarter. Amalgamated Bank now owns 45,082 shares of the electric vehicle automaker’s stock worth $605,000 after buying an additional 7,486 shares during the period. Finally, AE Wealth Management LLC lifted its stake in Rivian Automotive by 23.3% during the second quarter. AE Wealth Management LLC now owns 16,803 shares of the electric vehicle automaker’s stock valued at $225,000 after buying an additional 3,178 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

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.