Rivian Automotive (NASDAQ:RIVN) Trading Down 6.1% on Insider Selling

by · The Cerbat Gem

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report) fell 6.1% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $15.73 and last traded at $16.43. 96,736,937 shares were traded during mid-day trading, an increase of 151% from the average session volume of 38,535,348 shares. The stock had previously closed at $17.50.

Specifically, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $17.53, for a total transaction of $305,898.50. Following the transaction, the chief executive officer owned 1,167,559 shares in the company, valued at approximately $20,467,309.27. This represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on RIVN shares. Cfra Research raised shares of Rivian Automotive to a “moderate sell” rating in a research report on Thursday, October 2nd. Mizuho reissued an “underperform” rating and set a $10.00 price objective (down from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rivian Automotive in a research note on Wednesday, October 8th. Morgan Stanley restated an “underweight” rating and issued a $12.00 target price on shares of Rivian Automotive in a report on Monday. Finally, Stifel Nicolaus upped their price target on Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, November 17th. Six investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $14.34.

Get Our Latest Stock Report on Rivian Automotive

Rivian Automotive Price Performance

The stock has a market cap of $20.14 billion, a P/E ratio of -5.28 and a beta of 1.79. The business has a 50 day simple moving average of $14.82 and a 200-day simple moving average of $14.03. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Allworth Financial LP increased its holdings in Rivian Automotive by 179.5% during the third quarter. Allworth Financial LP now owns 30,262 shares of the electric vehicle automaker’s stock worth $444,000 after buying an additional 19,434 shares during the last quarter. Swiss Life Asset Management Ltd grew its position in shares of Rivian Automotive by 27.1% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 134,991 shares of the electric vehicle automaker’s stock valued at $1,982,000 after acquiring an additional 28,759 shares during the period. CIBC Private Wealth Group LLC increased its stake in shares of Rivian Automotive by 47.7% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 22,018 shares of the electric vehicle automaker’s stock worth $323,000 after purchasing an additional 7,115 shares during the last quarter. Centaurus Financial Inc. purchased a new stake in shares of Rivian Automotive during the 3rd quarter worth approximately $110,000. Finally, Coldstream Capital Management Inc. raised its holdings in shares of Rivian Automotive by 128.9% in the 3rd quarter. Coldstream Capital Management Inc. now owns 123,865 shares of the electric vehicle automaker’s stock worth $1,818,000 after purchasing an additional 69,754 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

About Rivian Automotive

(Get Free Report)

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.

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