Rivian Automotive (NASDAQ:RIVN) Stock Price Down 4.5% Following Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN) shares dropped 4.5% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $14.13 and last traded at $14.28. Approximately 13,431,561 shares traded hands during trading, a decline of 74% from the average daily volume of 52,380,133 shares. The stock had previously closed at $14.95.

Specifically, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Morgan Stanley cut shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. Piper Sandler decreased their price target on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. Wedbush restated an “outperform” rating and set a $20.00 price objective on shares of Rivian Automotive in a report on Friday, November 8th. Mizuho cut their price target on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $13.00 target price on shares of Rivian Automotive in a research report on Monday. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $15.48.

Rivian Automotive Price Performance

The firm has a market capitalization of $14.14 billion, a price-to-earnings ratio of -2.47 and a beta of 2.05. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The business has a 50-day moving average price of $12.53 and a two-hundred day moving average price of $13.05.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its position in shares of Rivian Automotive by 6.7% during the second quarter. Principal Financial Group Inc. now owns 61,220 shares of the electric vehicle automaker’s stock worth $822,000 after buying an additional 3,849 shares during the period. Private Advisor Group LLC boosted its position in Rivian Automotive by 8.1% during the 2nd quarter. Private Advisor Group LLC now owns 52,147 shares of the electric vehicle automaker’s stock worth $700,000 after acquiring an additional 3,904 shares during the period. Acadian Asset Management LLC bought a new position in shares of Rivian Automotive in the second quarter worth $258,000. Royal London Asset Management Ltd. increased its holdings in shares of Rivian Automotive by 19.6% during the second quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker’s stock valued at $4,027,000 after purchasing an additional 49,216 shares during the period. Finally, Coldstream Capital Management Inc. bought a new stake in shares of Rivian Automotive during the second quarter valued at about $650,000. 66.25% of the stock is currently owned by institutional investors.

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.