Rivian Automotive (NASDAQ:RIVN) Trading Down 4.1% Following Insider Selling

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 4.1% on Thursday after an insider sold shares in the company. The stock traded as low as $13.28 and last traded at $13.36. Approximately 12,994,327 shares changed hands during trading, a decline of 60% from the average daily volume of 32,333,453 shares. The stock had previously closed at $13.93.

Specifically, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

RIVN has been the subject of several recent research reports. The Goldman Sachs Group lifted their target price on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Barclays increased their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 22nd. Benchmark initiated coverage on Rivian Automotive in a research note on Monday, December 9th. They set a “buy” rating and a $18.00 price objective on the stock. Wedbush restated an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a research note on Friday, November 8th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average target price of $15.13.

Rivian Automotive Price Performance

The firm’s 50 day simple moving average is $13.60 and its two-hundred day simple moving average is $12.53. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The firm has a market capitalization of $13.68 billion, a P/E ratio of -2.39 and a beta of 2.04.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently modified their holdings of the stock. Creative Planning lifted its position in Rivian Automotive by 6.7% in the third quarter. Creative Planning now owns 115,686 shares of the electric vehicle automaker’s stock valued at $1,298,000 after purchasing an additional 7,236 shares during the last quarter. Bleakley Financial Group LLC purchased a new stake in Rivian Automotive during the 3rd quarter valued at $310,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Rivian Automotive by 55.7% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 73,764 shares of the electric vehicle automaker’s stock worth $828,000 after acquiring an additional 26,374 shares during the last quarter. Blue Trust Inc. increased its position in shares of Rivian Automotive by 40.3% in the third quarter. Blue Trust Inc. now owns 4,531 shares of the electric vehicle automaker’s stock valued at $51,000 after acquiring an additional 1,301 shares during the period. Finally, Sequoia Financial Advisors LLC bought a new position in shares of Rivian Automotive during the third quarter valued at about $112,000. Institutional investors own 66.25% of the company’s stock.

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.