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

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 1% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $13.22 and last traded at $13.36. Approximately 5,036,320 shares were traded during 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 shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $12,127,675.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Ratings Changes

RIVN has been the topic of several research reports. 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 note on Friday, June 28th. UBS Group dropped their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a research note on Monday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Friday, August 16th. Finally, Morgan Stanley upped their target price on shares of Rivian Automotive from $13.00 to $17.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. One 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $18.09.

Rivian Automotive Price Performance

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

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Royal London Asset Management Ltd. increased its position in Rivian Automotive by 19.6% during the 2nd quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker’s stock worth $4,027,000 after purchasing an additional 49,216 shares in the last quarter. SteelPeak Wealth LLC purchased a new stake in Rivian Automotive during the 1st quarter worth about $265,000. Berkshire Capital Holdings Inc. increased its position in Rivian Automotive by 3,511,500.0% during the 4th quarter. Berkshire Capital Holdings Inc. now owns 351,160 shares of the electric vehicle automaker’s stock worth $8,238,000 after purchasing an additional 351,150 shares in the last quarter. Allianz Asset Management GmbH boosted its stake in Rivian Automotive by 9.9% in the 4th quarter. Allianz Asset Management GmbH now owns 3,403,461 shares of the electric vehicle automaker’s stock worth $79,845,000 after buying an additional 306,551 shares during the last quarter. Finally, Global Assets Advisory LLC acquired a new stake in Rivian Automotive in the 1st quarter worth about $574,000. 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.