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

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded down 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. 12,994,327 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 32,333,453 shares. The stock had previously closed at $13.93.

Specifically, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Stifel Nicolaus decreased their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. Needham & Company LLC lowered their target price on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a report on Friday, November 8th. Royal Bank of Canada cut their price target on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 price objective (down previously from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Finally, Barclays lifted their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and a consensus price target of $15.13.

Rivian Automotive Price Performance

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 company has a fifty day moving average of $13.60 and a 200-day moving average of $12.53. The firm has a market cap of $13.68 billion, a P/E ratio of -2.39 and a beta of 2.04.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Baillie Gifford & Co. lifted its position in shares of Rivian Automotive by 52.5% during the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after buying an additional 17,341,786 shares in the last quarter. Capital International Investors bought a new stake in Rivian Automotive during the fourth quarter worth $144,030,000. Norges Bank purchased a new position in Rivian Automotive in the fourth quarter worth $123,308,000. Northern Trust Corp increased its position in shares of Rivian Automotive by 68.5% during the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after purchasing an additional 2,941,928 shares during the last quarter. Finally, Twinbeech Capital LP bought a new stake in shares of Rivian Automotive during the 4th quarter worth $29,944,000. 66.25% of the stock is owned by 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.