Rivian Automotive (NASDAQ:RIVN) Trading Down 7.8% After Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were down 7.8% during mid-day trading on Friday following insider selling activity. The company traded as low as $15.07 and last traded at $15.11. Approximately 59,575,148 shares traded hands during mid-day trading, an increase of 56% from the average daily volume of 38,240,844 shares. The stock had previously closed at $16.39.

Specifically, CEO Robert J. Scaringe sold 52,350 shares of the stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $16.60, for a total value of $869,010.00. Following the transaction, the chief executive officer owned 1,246,405 shares in the company, valued at approximately $20,690,323. This represents a 4.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on RIVN shares. The Goldman Sachs Group lowered their price target on Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Wednesday, November 5th. JPMorgan Chase & Co. boosted their price objective on shares of Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a research report on Monday, October 20th. Tigress Financial upped their target price on shares of Rivian Automotive from $21.00 to $25.00 and gave the company a “buy” rating in a report on Friday. Morgan Stanley dropped their target price on shares of Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 13th. Finally, Mizuho reiterated an “underperform” rating and set a $10.00 price target (down from $14.00) on shares of Rivian Automotive in a research note on Monday, October 20th. Six analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $14.30.

Rivian Automotive Trading Down 7.8%

The business’s 50-day moving average price is $14.17 and its 200-day moving average price is $13.83. The firm has a market capitalization of $18.52 billion, a PE ratio of -4.86 and a beta of 1.81. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Assetmark Inc. boosted its stake in shares of Rivian Automotive by 315.6% during the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock worth $25,000 after buying an additional 1,357 shares during the period. Banque Transatlantique SA increased its position in Rivian Automotive by 13,194.1% in the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 2,243 shares during the period. Newbridge Financial Services Group Inc. increased its position in Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 1,000 shares during the period. Mather Group LLC. purchased a new stake in Rivian Automotive during the 3rd quarter valued at approximately $30,000. Finally, Fairman Group LLC acquired a new stake in Rivian Automotive during the 2nd quarter worth approximately $31,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.