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Rivian Automotive (NASDAQ:RIVN) Shares Down 4.9% Following Insider Selling

Rivian Automotive logo with Auto/Tires/Trucks background

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price was down 4.9% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $13.98 and last traded at $14.21. Approximately 32,959,061 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 56,455,809 shares. The stock had previously closed at $14.95.

Specifically, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction that occurred on Monday, January 6th. The shares were 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 in the company, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Analysts Set New Price Targets

A number of brokerages recently weighed in on RIVN. Baird R W cut shares of Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. Robert W. Baird reissued a "neutral" rating and set a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. JPMorgan Chase & Co. decreased their price target on Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating for the company in a report on Tuesday, October 22nd. Guggenheim dropped their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a "buy" rating on the stock in a research note on Wednesday, November 6th. Finally, Bank of America downgraded shares of Rivian Automotive from a "buy" rating to a "neutral" rating and decreased their target price for the company from $20.00 to $13.00 in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $15.48.

Get Our Latest Research Report on RIVN

Rivian Automotive Price Performance

The firm has a market capitalization of $14.50 billion, a price-to-earnings ratio of -2.54 and a beta of 2.05. The company's fifty day moving average price is $12.44 and its 200 day moving average price is $13.04. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors have recently made changes to their positions in the stock. Baillie Gifford & Co. lifted 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 worth $565,012,000 after purchasing an additional 17,341,786 shares during the last quarter. Renaissance Technologies LLC lifted 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 last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of 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 valued at $51,693,000 after acquiring an additional 2,035,831 shares during the period. AQR Capital Management LLC boosted its holdings in shares of 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 valued at $33,276,000 after acquiring an additional 1,257,106 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Rivian Automotive during the second quarter worth about $9,388,000. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Company Profile

(Get Free Report)

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.

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