Rivian Automotive (NASDAQ:RIVN) Stock Price Down 5.2% on Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price dropped 5.2% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $19.28 and last traded at $19.5850. Approximately 38,277,496 shares traded hands during mid-day 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 the business’s stock in a transaction on Tuesday, December 23rd. The stock was 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 directly owned 1,150,109 shares of the company’s stock, valued at approximately $24,646,835.87. The trade was a 1.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Wall Street Analysts Forecast Growth

RIVN has been the subject of a number of analyst reports. DA Davidson boosted their price target on Rivian Automotive from $13.00 to $15.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. Baird R W upgraded Rivian Automotive from a “hold” rating to a “strong-buy” rating in a report on Thursday, December 18th. JPMorgan Chase & Co. lifted their price objective on Rivian Automotive from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Monday, October 20th. Needham & Company LLC lifted their target price on Rivian Automotive from $14.00 to $23.00 and gave the company a “buy” rating in a report on Friday, December 12th. Finally, UBS Group upped their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, thirteen have given a Hold rating and six have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and an average target price of $15.73.

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. The company has a market cap of $24.01 billion, a PE ratio of -6.30 and a beta of 1.79. The stock has a fifty day moving average price of $16.68 and a 200-day moving average price of $14.57.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results 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. The firm had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The company’s revenue was up 78.3% on a year-over-year basis. During the same quarter last year, the firm posted ($1.08) EPS. On average, equities analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently made changes to their positions in RIVN. Allworth Financial LP raised its stake in shares of Rivian Automotive by 179.5% during the third quarter. Allworth Financial LP now owns 30,262 shares of the electric vehicle automaker’s stock valued at $444,000 after acquiring an additional 19,434 shares during the last quarter. Swiss Life Asset Management Ltd raised its position in shares of Rivian Automotive by 27.1% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 134,991 shares of the electric vehicle automaker’s stock worth $1,982,000 after purchasing an additional 28,759 shares during the last quarter. CIBC Private Wealth Group LLC grew its position in Rivian Automotive by 47.7% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 22,018 shares of the electric vehicle automaker’s stock valued at $323,000 after purchasing an additional 7,115 shares during the last quarter. Centaurus Financial Inc. purchased a new position in shares of Rivian Automotive in the third quarter worth $110,000. Finally, Coldstream Capital Management Inc. boosted its position in Rivian Automotive by 128.9% in the third quarter. Coldstream Capital Management Inc. now owns 123,865 shares of the electric vehicle automaker’s stock worth $1,818,000 after purchasing an additional 69,754 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.