Rivian Automotive (NASDAQ:RIVN) Shares Down 4.5% on Insider Selling
by Michael Walen · The Markets DailyRivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report)’s share price traded down 4.5% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $14.13 and last traded at $14.28. 13,431,561 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 52,380,133 shares. The stock had previously closed at $14.95.
Specifically, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Wall Street Analysts Forecast Growth
RIVN has been the subject of several recent research reports. Mizuho reduced their price target on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Needham & Company LLC reduced their target price on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Canaccord Genuity Group decreased their price target on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Wedbush reiterated an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a research note on Friday, November 8th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Rivian Automotive has an average rating of “Hold” and an average price target of $15.48.
Get Our Latest Stock Analysis on RIVN
Rivian Automotive Price Performance
The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The business has a 50 day moving average price of $12.53 and a 200-day moving average price of $13.05. The company has a market capitalization of $14.14 billion, a price-to-earnings ratio of -2.47 and a beta of 2.05.
Institutional Investors Weigh In On Rivian Automotive
A number of hedge funds have recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive during the 3rd quarter worth approximately $28,000. GHP Investment Advisors Inc. grew its holdings in Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 1,002 shares during the period. American Capital Advisory LLC increased its stake in Rivian Automotive by 267.6% in the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after purchasing an additional 2,111 shares in the last quarter. Hantz Financial Services Inc. raised its holdings in shares of Rivian Automotive by 2,636.4% during the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after purchasing an additional 2,900 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in shares of Rivian Automotive during the 3rd quarter worth about $44,000. 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.
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