Rivian Automotive (NASDAQ:RIVN) Shares Down 3.7% on Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were down 3.7% on Wednesday after an insider sold shares in the company. The stock traded as low as $13.95 and last traded at $14.15. Approximately 11,260,434 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 39,866,250 shares. The stock had previously closed at $14.70.

Specifically, CFO Claire Mcdonough sold 18,501 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.00, for a total value of $277,515.00. Following the completion of the transaction, the chief financial officer now owns 351,900 shares in the company, valued at $5,278,500. This represents a 4.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive 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 sale, the chief executive officer now owns 863,361 shares in the company, valued at $11,784,877.65. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

RIVN has been the topic of a number of research reports. Wedbush reaffirmed an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a research report on Friday, November 8th. Barclays lowered their target price on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. JPMorgan Chase & Co. reduced their price target on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research report on Tuesday, October 22nd. Benchmark assumed coverage on shares of Rivian Automotive in a research report on Monday, December 9th. They set a “buy” rating and a $18.00 price objective on the stock. Finally, Guggenheim reduced their target price 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. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $15.74.

Rivian Automotive Price 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 stock’s fifty day moving average price is $11.37 and its 200-day moving average price is $12.74. The firm has a market cap of $13.33 billion, a PE ratio of -2.33 and a beta of 2.12.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in RIVN. Charles Schwab Investment Management Inc. boosted its stake in shares of Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after acquiring an additional 2,035,831 shares in the last quarter. International Assets Investment Management LLC boosted its position in Rivian Automotive by 1,870.7% during the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock worth $608,000 after purchasing an additional 51,464 shares in the last quarter. Mizuho Markets Americas LLC grew its holdings in Rivian Automotive by 30.7% in the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock valued at $5,964,000 after purchasing an additional 124,950 shares during the last quarter. Vontobel Holding Ltd. increased its position in shares of Rivian Automotive by 543.8% in the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock valued at $1,601,000 after buying an additional 120,544 shares in the last quarter. Finally, Renaissance Capital LLC raised its stake in shares of Rivian Automotive by 20.0% during the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock worth $9,958,000 after buying an additional 148,197 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other 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.