Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1% on Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was down 1% on Monday after an insider sold shares in the company. The stock traded as low as $13.22 and last traded at $13.36. Approximately 5,036,320 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 40,280,402 shares. The stock had previously closed at $13.50.

Specifically, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $12,127,675.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Piper Sandler restated an “overweight” rating and set a $21.00 price target on shares of Rivian Automotive in a research note on Wednesday, June 26th. Barclays upped their price objective on shares of Rivian Automotive from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 16th. The Goldman Sachs Group upped their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Monday, July 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $19.00 price objective on shares of Rivian Automotive in a research report on Monday. Finally, JPMorgan Chase & Co. upped their price objective on shares of Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a research report on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and a consensus target price of $18.09.

Rivian Automotive Stock Down 1.5 %

The stock’s 50 day moving average is $14.75 and its 200 day moving average is $12.31. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The company has a market capitalization of $13.01 billion, a PE ratio of -2.26 and a beta of 2.06.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. On average, sell-side analysts anticipate that Rivian Automotive, Inc. will post -4.92 EPS for the current fiscal year.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently modified their holdings of the company. Assenagon Asset Management S.A. increased its position in shares of Rivian Automotive by 1.7% in the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after acquiring an additional 604 shares during the period. First Horizon Advisors Inc. boosted its stake in shares of Rivian Automotive by 30.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after purchasing an additional 670 shares in the last quarter. Laidlaw Wealth Management LLC boosted its stake in shares of Rivian Automotive by 7.5% during the 4th quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock valued at $241,000 after purchasing an additional 718 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Rivian Automotive by 28.0% during the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after purchasing an additional 760 shares in the last quarter. Finally, Quadrant Capital Group LLC boosted its stake in shares of Rivian Automotive by 18.3% during the 4th quarter. Quadrant Capital Group LLC now owns 5,191 shares of the electric vehicle automaker’s stock valued at $122,000 after purchasing an additional 802 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.