Rivian Automotive (NASDAQ:RIVN) Trading Down 2.3% After Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) was down 2.3% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $14.73 and last traded at $14.98. Approximately 12,070,085 shares were traded during trading, a decline of 70% from the average daily volume of 39,903,270 shares. The stock had previously closed at $15.34.

Specifically, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $13.65, for a total value of $975,005.85. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,784,877.65. The trade was a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Analysts Set New Price Targets

RIVN has been the subject of several research analyst reports. Cantor Fitzgerald reiterated an "overweight" rating and set a $19.00 target price on shares of Rivian Automotive in a research note on Monday, September 30th. Wells Fargo & Company reduced their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 15th. Needham & Company LLC dropped their target price on shares of Rivian Automotive from $18.00 to $14.00 and set a "buy" rating for the company in a research report on Friday, November 8th. Bank of America cut shares of Rivian Automotive from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $20.00 to $13.00 in a research report on Friday, November 8th. Finally, Canaccord Genuity Group lowered their price objective on Rivian Automotive from $30.00 to $28.00 and set a "buy" rating for the company in a report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $15.83.

Rivian Automotive Stock Performance

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 firm has a market cap of $15.00 billion, a price-to-earnings ratio of -2.63 and a beta of 2.12. The firm's 50 day moving average is $11.18 and its 200-day moving average is $12.71.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently added to or reduced their stakes in RIVN. Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive in the 3rd quarter valued at $28,000. GHP Investment Advisors Inc. boosted its position in shares of Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker's stock valued at $29,000 after acquiring an additional 1,002 shares in the last quarter. International Assets Investment Management LLC bought a new stake in Rivian Automotive in the second quarter valued at about $37,000. First Horizon Advisors Inc. raised its position in Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker's stock worth $38,000 after purchasing an additional 670 shares in the last quarter. Finally, American Capital Advisory LLC lifted its stake in Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker's stock worth $33,000 after purchasing an additional 2,111 shares during the period. Institutional investors and hedge funds 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.