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

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 2.6% on Friday following insider selling activity. The stock traded as low as $13.73 and last traded at $14.10. Approximately 26,727,768 shares changed hands during mid-day 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 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 completion of the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,234,023.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on RIVN. Wedbush lifted their price objective on shares of Rivian Automotive from $15.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday. 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. Guggenheim began coverage on shares of Rivian Automotive in a report on Tuesday, June 25th. They set a “buy” rating and a $18.00 price objective for the company. Morgan Stanley reaffirmed an “overweight” rating and set a $13.00 price objective on shares of Rivian Automotive in a report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $15.00 price target on shares of Rivian Automotive in a research note on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.63.

Rivian Automotive Price Performance

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 firm’s 50-day moving average is $10.68 and its 200-day moving average is $13.48. The company has a market cap of $13.36 billion, a PE ratio of -2.33 and a beta of 2.01.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.15 billion. On average, equities analysts anticipate that Rivian Automotive, Inc. will post -4.94 EPS for the current year.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Federated Hermes Inc. grew its holdings in Rivian Automotive by 8.2% in the fourth quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock worth $201,000 after purchasing an additional 651 shares during the period. Moneta Group Investment Advisors LLC grew its holdings in Rivian Automotive by 5.3% in the third quarter. Moneta Group Investment Advisors LLC now owns 13,335 shares of the electric vehicle automaker’s stock worth $324,000 after purchasing an additional 668 shares during the period. Laidlaw Wealth Management LLC grew its holdings in Rivian Automotive by 7.5% in the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock worth $241,000 after purchasing an additional 718 shares during the period. Jamison Private Wealth Management Inc. grew its holdings in Rivian Automotive by 10.8% in the fourth quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker’s stock worth $175,000 after purchasing an additional 727 shares during the period. Finally, Parkside Financial Bank & Trust grew its holdings in Rivian Automotive by 86.6% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock worth $40,000 after purchasing an additional 784 shares during the period. 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.