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

Rivian Automotive, Inc. (NASDAQ:RIVN) gapped down before the market opened on Thursday following insider selling activity. The stock had previously closed at $14.74, but opened at $13.96. Rivian Automotive shares last traded at $13.63, with a volume of 14,526,961 shares changing hands.

Specifically, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,234,023.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on RIVN shares. Cantor Fitzgerald boosted their target price on shares of Rivian Automotive from $15.00 to $19.00 and gave the stock an “overweight” rating in a research report on Wednesday. Morgan Stanley reiterated an “overweight” rating and issued a $13.00 price objective on shares of Rivian Automotive in a research report on Wednesday. Truist Financial boosted their price objective on shares of Rivian Automotive from $10.00 to $13.00 and gave the stock a “hold” rating in a research report on Wednesday. DA Davidson boosted their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $15.00 price objective on shares of Rivian Automotive in a research report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.63.

Rivian Automotive Price Performance

The stock’s 50-day moving average is $10.68 and its 200-day moving average is $13.52. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. On average, analysts expect that Rivian Automotive, Inc. will post -4.94 earnings per share for the current year.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently bought and sold shares of RIVN. LPL Financial LLC boosted its holdings in Rivian Automotive by 48.5% in the 3rd quarter. LPL Financial LLC now owns 370,107 shares of the electric vehicle automaker’s stock worth $8,986,000 after acquiring an additional 120,883 shares during the period. Mariner LLC boosted its stake in shares of Rivian Automotive by 18.3% during the 3rd quarter. Mariner LLC now owns 81,957 shares of the electric vehicle automaker’s stock valued at $1,990,000 after buying an additional 12,683 shares during the last quarter. Stifel Financial Corp boosted its stake in shares of Rivian Automotive by 7.3% during the 3rd quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock valued at $6,997,000 after buying an additional 19,699 shares during the last quarter. Mutual Advisors LLC purchased a new position in shares of Rivian Automotive during the 3rd quarter valued at approximately $306,000. Finally, Treasurer of the State of North Carolina boosted its stake in shares of Rivian Automotive by 27.9% during the 3rd quarter. Treasurer of the State of North Carolina now owns 300,509 shares of the electric vehicle automaker’s stock valued at $7,296,000 after buying an additional 65,470 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.