Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2% Following Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded down 2% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $13.88 and last traded at $14.15. 9,675,820 shares were traded during mid-day trading, a decline of 70% from the average session volume of 32,335,037 shares. The stock had previously closed at $14.44.

Specifically, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analysts Set New Price Targets

RIVN has been the topic of a number of recent research reports. Cantor Fitzgerald lowered Rivian Automotive from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $13.00 to $15.00 in a report on Friday. The Goldman Sachs Group boosted their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Needham & Company LLC lifted their target price on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a report on Friday. Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price target for the company. Finally, Wells Fargo & Company raised their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research report on Friday. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and an average target price of $15.50.

Rivian Automotive Price Performance

The company has a 50-day moving average price of $13.56 and a 200-day moving average price of $12.53. The firm has a market capitalization of $13.24 billion, a PE ratio of -2.32 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative net margin of 121.38% and a negative return on equity of 72.78%. Sell-side analysts forecast that Rivian Automotive, Inc. will post -4.7 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RIVN. Tandem Financial LLC purchased a new position in Rivian Automotive during the fourth quarter worth about $25,000. Bank of Jackson Hole Trust acquired a new position in shares of Rivian Automotive during the 4th quarter valued at about $27,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive in the third quarter worth approximately $28,000. GHP Investment Advisors Inc. boosted its position in shares of Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 1,002 shares during the last quarter. Finally, American Capital Advisory LLC increased its position in Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 2,111 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.