Rivian Automotive (NASDAQ:RIVN) Shares Down 2.1% After Insider Selling

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 2.1% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $11.88 and last traded at $12.00. Approximately 8,561,300 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 33,120,371 shares. The stock had previously closed at $12.25.

Specifically, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $12.28, for a total transaction of $88,993.16. Following the completion of the sale, the chief financial officer owned 789,445 shares in the company, valued at $9,694,384.60. This trade represents a 0.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Analysts Set New Price Targets

RIVN has been the subject of a number of recent analyst reports. UBS Group dropped their target price on shares of Rivian Automotive from $13.00 to $12.00 and set a “neutral” rating for the company in a research report on Wednesday, August 6th. Needham & Company LLC dropped their target price on shares of Rivian Automotive from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, August 6th. JPMorgan Chase & Co. decreased their price objective on shares of Rivian Automotive from $10.00 to $9.00 and set an “underweight” rating on the stock in a report on Wednesday, August 6th. Morgan Stanley decreased their price objective on shares of Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 13th. Finally, Mizuho increased their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday, May 16th. Five analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $13.69.

Rivian Automotive Trading Down 1.5%

The stock has a market cap of $14.65 billion, a P/E ratio of -3.74 and a beta of 1.80. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. The business’s fifty day simple moving average is $13.05 and its 200 day simple moving average is $12.94.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The business had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period last year, the business posted ($1.46) EPS. As a group, analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RIVN. Brighton Jones LLC boosted its stake in shares of Rivian Automotive by 28.0% in the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after purchasing an additional 3,864 shares during the last quarter. Rockefeller Capital Management L.P. boosted its stake in shares of Rivian Automotive by 34.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 50,156 shares of the electric vehicle automaker’s stock valued at $666,000 after purchasing an additional 12,867 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S boosted its stake in Rivian Automotive by 517.0% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 55,567 shares of the electric vehicle automaker’s stock worth $739,000 after acquiring an additional 46,561 shares during the last quarter. Natixis boosted its stake in Rivian Automotive by 22.1% during the 4th quarter. Natixis now owns 17,331 shares of the electric vehicle automaker’s stock worth $231,000 after acquiring an additional 3,135 shares during the last quarter. Finally, OneDigital Investment Advisors LLC grew its holdings in Rivian Automotive by 36.1% during the fourth quarter. OneDigital Investment Advisors LLC now owns 16,406 shares of the electric vehicle automaker’s stock valued at $218,000 after purchasing an additional 4,353 shares during the period. Institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

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.