Rivian Automotive (NASDAQ:RIVN) Stock Price Down 3.1% After Insider Selling

On Thursday, shares of Rivian Automotive, Inc. (NASDAQ:RIVN) experienced a decline of 3.1% during trading, primarily driven by insider selling activity. The stock reached a low of $12.23 before settling last at $12.30. During midday trading, approximately 15,056,621 shares exchanged hands, marking a 64% drop from the average session volume of 41,961,789 shares. The previous closing price was $12.69.

Recently, CEO Robert J. Scaringe sold 35,713 shares in Rivian Automotive, with the transaction taking place on January 21st. The shares were sold at an average price of $13.76, leading to a total sale amount of $491,410.88. After this sale, Scaringe now owns 863,361 shares of the company, valued at approximately $11,879,847.36. The sale represented a 3.97% decrease in his holdings. This transaction was publicly disclosed in a filing with the SEC.

Analysts Offer New Price Targets

Several analysts have recently updated their price targets for Rivian Automotive. Truist Financial raised their price target from $12.00 to $14.00 and maintained a "hold" rating as of January 16th. In contrast, Wedbush retained an "outperform" rating, projecting a target price of $20.00 for Rivian shares in a report dated November 8th. Wells Fargo decreased their price target from $15.00 to $11.00 while issuing an "equal weight" rating on October 15th. Bank of America downgraded Rivian from a "buy" to a "neutral" rating, cutting their price objective from $20.00 to $13.00 on the same day as the Wedbush update. Needham & Company LLC also lowered their target from $18.00 to $14.00, continuing to rate the stock as a "buy." Overall, one analyst has rated Rivian stock with a sell, fourteen with a hold, and ten with a buy rating. The average consensus rating remains at "Hold" with a target price of $15.52 according to MarketBeat data.

Recent Trading Activity

The company's stock has experienced fluctuations, with a 50-day simple moving average of $13.19 and a 200-day simple moving average of $13.01. The market capitalization of Rivian stands at $13.03 billion, and it has a price-to-earnings (PE) ratio of -2.28, indicating it is currently operating at a loss. Rivian's beta of 2.05 suggests higher volatility compared to the market. Financial ratios reveal a quick ratio of 3.70 and a current ratio of 5.09, coupled with a debt-to-equity ratio of 0.93, showcasing the company's financial health.

Institutional Stakes in Rivian Automotive

Various institutional investors have been adjusting their positions in Rivian recently. Baillie Gifford & Co. significantly increased their stake by 52.5% in Q3, acquiring an additional 17,341,786 shares to reach a total of 50,357,579 shares worth $565,012,000. Geode Capital Management raised their holdings by 1.8%, bringing their total to 13,000,392 shares valued at $145,550,000. Charles Schwab Investment Management saw an impressive 79.2% growth, increasing their possession to 4,607,220 shares valued at $51,693,000 after adding 2,035,831 shares in the last quarter. Additionally, abrdn plc lifted its stake by 17.8%, acquiring 518,561 shares to reach 3,439,143 shares worth approximately $38,587,000. AQR Capital Management raised their investment by 102.8%, totaling 2,479,559 shares worth $33,276,000 after purchasing 1,257,106 shares. Currently, 66.25% of Rivian's stock is owned by institutional investors and hedge funds.

About Rivian Automotive

Rivian Automotive, Inc. designs, develops, manufactures, and sells electric vehicles and accessories through its subsidiaries. The company provides consumer vehicles, including a five-passenger pickup truck branded as R1T and a seven-passenger sport utility vehicle known as R1S.

Rivian, Stocks, Insider