Rivian Automotive (NASDAQ:RIVN) Stock Declines 2.1% Following Insider Share Sale

On December 29, 2024, Rivian Automotive, Inc. (NASDAQ:RIVN) experienced a 2.1% drop in its stock price during mid-day trading after news of insider selling emerged. The stock price fell to as low as $13.31 before settling at $13.74. During this period, around 9,321,729 shares changed hands, reflecting a significant decline of 77% compared to the average daily trading volume of 39,672,680 shares. The previous closing price of Rivian shares was $14.04.

This dip in stock value followed a transaction wherein CEO Robert J. Scaringe sold 71,429 shares of the company on December 23rd. The shares were sold at an average price of $13.88, amounting to a total of approximately $991,434.52. After this sale, Scaringe directly holds 863,361 shares, valued at around $11,983,450.68, marking a 7.64% decrease in his stake in the company. This transaction was officially disclosed in a filing with the SEC.

Updates on Analyst Ratings

Several research analysts have recently updated their evaluations concerning Rivian's stock. JPMorgan Chase & Co. lowered their price target from $14.00 to $12.00, rating the stock as “underweight” in a report dated October 22nd. Piper Sandler also reduced their target price from $21.00 to $19.00 while maintaining an “overweight” rating on November 8th. Additionally, Morgan Stanley went from “overweight” to “equal weight,” cutting their price forecast from $16.00 to $13.00 on September 25th. Guggenheim adjusted their price target down from $21.00 to $18.00, rating Rivian as a “buy” on November 6th. Lastly, Needham & Company LLC reduced their target from $18.00 to $14.00, also issuing a “buy” rating on November 8th. Overall, one analyst has rated Rivian with a sell rating, fourteen with a hold rating, and ten with a buy rating, resulting in an average rating of “Hold” and a consensus target price of $15.74 according to MarketBeat.com.

Rivian Automotive's Financial Overview

Rivian's fifty-day moving average stands at $11.81, while the 200-day moving average is $12.84. The company currently holds a market capitalization of $13.93 billion, with a negative price-to-earnings ratio of -2.44 and a beta of 2.12. Rivian's current ratio is noted at 5.09, the quick ratio at 3.70, and its debt-to-equity ratio is 0.93.

Institutional Interest in Rivian Automotive

Recently, several institutional investors and hedge funds have adjusted their positions regarding Rivian Automotive. B. Riley Wealth Advisors Inc. increased its holdings by 72.2% in the third quarter, acquiring an additional 37,647 shares for a total of 89,764 shares valued at approximately $994,000. Tidal Investments LLC raised its stake by 28.8%, owning 268,952 shares worth $3,018,000 after adding 60,205 shares. Wilmington Savings Fund Society FSB bought a new stake in Rivian valued at $28,000. World Investment Advisors LLC increased its stake by 8.6%, now holding 18,165 shares worth $204,000 after acquiring 1,446 additional shares. Sanctuary Advisors LLC also upped its share volume by 9.0%. Institutional investors currently own about 66.25% of Rivian Automotive's stock.

About Rivian Automotive

Rivian Automotive, Inc. specializes in designing, developing, manufacturing, and selling electric vehicles along with related accessories. The company offers various consumer vehicles, including the R1T, a five-passenger, two-row pickup truck, and the R1S, a seven-passenger, three-row SUV.

Rivian, automotive, stocks