Rivian Automotive (NASDAQ:RIVN) Trading Down 5.2% After Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was down 5.2% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $19.28 and last traded at $19.5850. Approximately 38,277,496 shares changed hands during trading, a decline of 2% from the average daily volume of 39,042,746 shares. The stock had previously closed at $20.67.

Specifically, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $21.43, for a total value of $373,953.50. Following the completion of the transaction, the chief executive officer owned 1,150,109 shares of the company’s stock, valued at $24,646,835.87. The trade was a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on RIVN. Mizuho reaffirmed an “underperform” rating and set a $10.00 target price (down previously from $14.00) on shares of Rivian Automotive in a research note on Monday, October 20th. Zacks Research upgraded Rivian Automotive from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Evercore ISI restated an “outperform” rating on shares of Rivian Automotive in a research report on Monday, December 15th. Wall Street Zen upgraded Rivian Automotive from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Morgan Stanley reissued an “underweight” rating and issued a $12.00 price objective on shares of Rivian Automotive in a research note on Monday, December 8th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, thirteen have issued a Hold rating and six have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $15.73.

Rivian Automotive Stock Performance

The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87. The stock has a market cap of $24.01 billion, a price-to-earnings ratio of -6.30 and a beta of 1.79. The firm has a fifty day simple moving average of $16.55 and a 200-day simple moving average of $14.52.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.06. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The firm had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same period last year, the firm earned ($1.08) earnings per share. The business’s revenue for the quarter was up 78.3% on a year-over-year basis. Analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Institutional Trading of Rivian Automotive

Several hedge funds have recently bought and sold shares of RIVN. Assetmark Inc. boosted its position in shares of Rivian Automotive by 315.6% during the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock worth $25,000 after buying an additional 1,357 shares during the period. Banque Transatlantique SA boosted its position in shares of Rivian Automotive by 13,194.1% in the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 2,243 shares during the period. Newbridge Financial Services Group Inc. increased its holdings in shares of Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 1,000 shares during the period. Mather Group LLC. acquired a new stake in shares of Rivian Automotive during the 3rd quarter worth $30,000. Finally, Fairman Group LLC acquired a new position in shares of Rivian Automotive in the 2nd quarter valued at approximately $31,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.