Rivian Automotive (NASDAQ:RIVN) Shares Down 2.6% on Insider Selling

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) fell 2.6% during trading on Friday after an insider sold shares in the company. The stock traded as low as $13.73 and last traded at $14.10. 26,727,768 shares traded hands during trading, a decline of 37% from the average session volume of 42,679,984 shares. The stock had previously closed at $14.47.

Specifically, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

RIVN has been the topic of a number of research analyst reports. Mizuho lowered their price target on Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. Wells Fargo & Company lowered their price target on Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 8th. Needham & Company LLC upped their price target on Rivian Automotive from $13.00 to $20.00 and gave the company a “buy” rating in a report on Friday. Barclays reduced their price target on Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a research report on Friday, April 19th. Finally, Jefferies Financial Group started coverage on Rivian Automotive in a research report on Thursday, March 7th. They issued a “buy” rating and a $16.00 price target for the company. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.79.

Rivian Automotive Price Performance

The firm has a fifty day simple moving average of $10.59 and a 200 day simple moving average of $13.56. The company has a market capitalization of $14.02 billion, a PE ratio of -2.44 and a beta of 2.01. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing the consensus estimate of ($1.38) by ($0.03). The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. Equities analysts anticipate that Rivian Automotive, Inc. will post -4.94 EPS for the current year.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Ancora Advisors LLC bought a new stake in Rivian Automotive during the 3rd quarter valued at $27,000. Bear Mountain Capital Inc. acquired a new stake in shares of Rivian Automotive in the 4th quarter worth $26,000. Principal Securities Inc. acquired a new stake in shares of Rivian Automotive in the 4th quarter worth $33,000. Arlington Trust Co LLC acquired a new stake in shares of Rivian Automotive in the 4th quarter worth $35,000. Finally, Fairman Group LLC purchased a new position in Rivian Automotive in the 4th quarter worth $36,000. Institutional investors own 66.25% of the company’s stock.

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.