Rivian Automotive (NASDAQ:RIVN) Shares Down 2% on Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price fell 2% during trading on Friday following insider selling activity. The company traded as low as $14.02 and last traded at $14.38. 68,502,717 shares traded hands during trading, an increase of 92% from the average session volume of 35,602,465 shares. The stock had previously closed at $14.68.

Specifically, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total value of $244,300.00. Following the transaction, the chief executive officer directly owned 1,316,205 shares in the company, valued at approximately $18,426,870. This represents a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

Several analysts have issued reports on RIVN shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 target price on shares of Rivian Automotive in a research note on Monday, August 25th. Morgan Stanley cut their target price on Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 13th. Guggenheim lowered Rivian Automotive from a “buy” rating to a “neutral” rating in a research note on Monday, July 14th. Canaccord Genuity Group cut their target price on Rivian Automotive from $23.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday, August 6th. Finally, JPMorgan Chase & Co. cut their target price on Rivian Automotive from $10.00 to $9.00 and set an “underweight” rating for the company in a research note on Wednesday, August 6th. Five equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $13.67.

Rivian Automotive Stock Performance

The business has a fifty day simple moving average of $13.17 and a 200-day simple moving average of $13.10. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. The firm has a market cap of $17.45 billion, a P/E ratio of -4.45 and a beta of 1.81.

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

Hedge Funds Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently modified their holdings of the stock. Assetmark Inc. increased its holdings 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 valued at $25,000 after acquiring an additional 1,357 shares in the last quarter. 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 valued at $26,000 after acquiring an additional 1,000 shares in the last quarter. PFS Partners LLC increased its holdings in shares of Rivian Automotive by 1,882.0% during the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker’s stock valued at $25,000 after acquiring an additional 1,882 shares in the last quarter. Fairman Group LLC bought a new position in shares of Rivian Automotive during the second quarter valued at $31,000. Finally, Banque Transatlantique SA increased its holdings in shares of Rivian Automotive by 13,194.1% during 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 in the last quarter. 66.25% of the stock is currently owned by institutional investors.

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.