Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.6% After Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 2.6% during trading on Friday following insider selling activity. The company traded as low as $13.73 and last traded at $14.10. Approximately 26,727,768 shares traded hands during trading, a decline of 37% from the average daily volume of 42,679,984 shares. The stock had previously closed at $14.47.

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on RIVN shares. Guggenheim assumed coverage on Rivian Automotive in a research note on Tuesday. They set a “buy” rating and a $18.00 price target for the company. Piper Sandler reiterated an “overweight” rating and set a $21.00 price target on shares of Rivian Automotive in a report on Wednesday. Wells Fargo & Company lowered their price target on Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 8th. UBS Group lifted their price objective on shares of Rivian Automotive from $10.00 to $17.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Barclays lowered their target price on shares of Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Friday, April 19th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.63.

Rivian Automotive Price Performance

The stock has a market cap of $13.36 billion, a P/E ratio of -2.33 and a beta of 2.01. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. The business’s 50-day simple moving average is $10.68 and its two-hundred day simple moving average is $13.52.

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

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently made changes to their positions in the stock. Ancora Advisors LLC purchased a new stake in Rivian Automotive during the 3rd quarter worth about $27,000. Bear Mountain Capital Inc. bought a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $26,000. Principal Securities Inc. bought a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $33,000. Arlington Trust Co LLC purchased a new position in Rivian Automotive during the fourth quarter valued at approximately $35,000. Finally, Fairman Group LLC bought a new stake in Rivian Automotive during the 4th quarter worth approximately $36,000. 66.25% of the stock is owned by institutional investors.

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.