Rivian Automotive (NASDAQ:RIVN) Stock Price Drops After Insider Selling

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) saw a decrease of 2.1% on Friday after an insider made a stock sale. The stock price reached a low of $13.31 during trading and ended at $13.74. A total of 9,321,729 shares changed hands, marking a significant drop of 77% compared to the average trading volume of 39,672,680 shares. Prior to this, Rivian's stock closed at $14.04.

Rivian Alerts:

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Notably, CEO Robert J. Scaringe sold 71,429 shares of Rivian on December 23rd at an average price of $13.88, amounting to a total of $991,434.52. Following this transaction, Scaringe now owns 863,361 shares in Rivian, valued at approximately $11,983,450.68, representing a 7.64% decrease in his ownership. This sale was reported in a legal filing to the Securities & Exchange Commission, which is available on their official website.

Wall Street Analysts Forecast Growth

Various research analysts have expressed their opinions about Rivian's stocks. The Royal Bank of Canada downgraded their price target from $14.00 to $12.00, maintaining a "sector perform" rating. In contrast, Wedbush reaffirmed an "outperform" rating with a target price of $20.00. Deutsche Bank also reiterated a "hold" rating with a price target of $14.00, while Goldman Sachs adjusted their target from $10.00 to $12.00 with a "neutral" rating. Piper Sandler reduced their target from $21.00 to $19.00, designating it as "overweight." Overall, one analyst issued a sell rating, fourteen recommended holding the stock, and ten suggested buying. According to MarketBeat.com, Rivian has an average rating of "Hold" with a consensus target price of $15.74.

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Discover Our Latest Research Report on Rivian Automotive

Rivian Automotive Trading Update

The fifty-day simple moving average for the stock stands at $11.66, while the two-hundred-day moving average is $12.82. Rivian has a market capitalization of $13.99 billion, a negative PE ratio of -2.45, and a beta of 2.12. Financial ratios indicate that Rivian has a quick ratio of 3.70, a current ratio of 5.09, and a debt-to-equity ratio of 0.93.

Institutional Trading Activity

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Recent changes in Rivian's institutional ownership show that several hedge funds have adjusted their positions. Wilmington Savings Fund Society FSB acquired a new stake worth $28,000 in the third quarter. GHP Investment Advisors Inc. increased their ownership by 63.2% during the same period, bringing their total to 2,588 shares valued at $29,000. American Capital Advisory LLC also raised its stake by 267.6%, now holding 2,900 shares worth $33,000 after a significant purchase. Hantz Financial Services Inc. expanded their holdings by 2,636.4%, obtaining 3,010 shares valued at $34,000. Additionally, International Assets Investment Management LLC entered a new position worth $37,000. Overall, institutional investors hold 66.25% of Rivian's shares.

About Rivian Automotive

Rivian Automotive, Inc. is engaged in designing, developing, manufacturing, and selling electric vehicles and related accessories. They produce consumer vehicles, including a five-passenger pickup truck and a seven-passenger sport utility vehicle.

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Investment Consideration

Before deciding to invest in Rivian Automotive, it's advised to do thorough research. It’s noted that currently, Rivian holds a "Hold" rating, but noted analysts believe other potential stocks may offer better investment opportunities.

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