Rivian Automotive (NASDAQ:RIVN) Shares Down 3.1% Following Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) was down 3.1% on Thursday following insider selling activity. The company traded as low as $12.23 and last traded at $12.30. Approximately 15,056,621 shares traded 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 the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,879,847.36. This represents a 3.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Benchmark started coverage on shares of Rivian Automotive in a research note on Monday, December 9th. They issued a "buy" rating and a $18.00 target price on the stock. Wedbush reissued an "outperform" rating and issued a $20.00 target price on shares of Rivian Automotive in a research report on Friday, November 8th. Robert W. Baird restated a "neutral" rating and issued a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Barclays increased their price target on Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Finally, Stifel Nicolaus lowered their price objective on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Monday, November 11th. 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. According to MarketBeat, Rivian Automotive has an average rating of "Hold" and a consensus price target of $15.52.

Rivian Automotive Stock Performance

The business's 50-day moving average is $13.19 and its 200 day moving average is $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. The company has a market cap of $13.03 billion, a PE ratio of -2.28 and a beta of 2.05.

Institutional Inflows and Outflows

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