Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.3% Following Insider Selling

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were down 2.3% on Friday following insider selling activity. The company traded as low as $15.77 and last traded at $15.95. Approximately 19,501,665 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 31,749,918 shares. The stock had previously closed at $16.32.

Specifically, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $16.03, for a total transaction of $279,723.50. Following the sale, the chief executive officer owned 1,115,209 shares of the company’s stock, valued at approximately $17,876,800.27. This represents a 1.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

Several research firms recently commented 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. Wall Street Zen lowered shares of Rivian Automotive from a “hold” rating to a “sell” rating in a research note on Friday. Morgan Stanley reissued an “underweight” rating and set a $12.00 target price on shares of Rivian Automotive in a research note on Monday, December 8th. UBS Group restated a “sell” rating and issued a $15.00 price target (up from $13.00) on shares of Rivian Automotive in a report on Wednesday, January 14th. Finally, Stifel Nicolaus upped their price objective on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “buy” rating in a report on Monday, November 17th. Eight investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and eight have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $16.23.

Rivian Automotive Stock Performance

The stock has a market cap of $19.55 billion, a price-to-earnings ratio of -5.13 and a beta of 1.77. The company’s fifty day simple moving average is $18.02 and its two-hundred day simple moving average is $15.14. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) EPS for the quarter, topping the consensus estimate 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 company had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the previous year, the firm posted ($1.08) earnings per share. The firm’s revenue for the quarter was up 78.3% on a year-over-year basis. On average, analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Rivian Automotive by 3.3% during the third quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock valued at $1,198,967,000 after buying an additional 2,597,310 shares during the last quarter. Capital International Investors lifted its stake in Rivian Automotive by 13.4% during the 3rd quarter. Capital International Investors now owns 18,351,127 shares of the electric vehicle automaker’s stock valued at $269,395,000 after acquiring an additional 2,161,394 shares in the last quarter. Geode Capital Management LLC lifted its stake in Rivian Automotive by 4.9% during the 2nd quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker’s stock valued at $200,200,000 after acquiring an additional 689,045 shares in the last quarter. Soma Equity Partners LP boosted its holdings in Rivian Automotive by 9.9% during the 3rd quarter. Soma Equity Partners LP now owns 9,204,745 shares of the electric vehicle automaker’s stock worth $135,126,000 after acquiring an additional 829,782 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Rivian Automotive in the 2nd quarter worth $105,629,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.