Rivian Automotive (NASDAQ:RIVN) Stock Price Down 6.7% Following Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were down 6.7% on Thursday following insider selling activity. The stock traded as low as $13.57 and last traded at $13.75. Approximately 35,659,302 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 42,293,418 shares. The stock had previously closed at $14.74.

Specifically, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,452,349.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on RIVN shares. Piper Sandler reiterated an “overweight” rating and issued a $21.00 target price on shares of Rivian Automotive in a research note on Wednesday. Truist Financial raised their target price on Rivian Automotive from $10.00 to $13.00 and gave the company a “hold” rating in a research report on Wednesday. UBS Group lifted their price target on Rivian Automotive from $10.00 to $17.00 and gave the company a “neutral” rating in a research note on Friday. Wells Fargo & Company dropped their price objective on Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 8th. Finally, Jefferies Financial Group began coverage on Rivian Automotive in a research note on Thursday, March 7th. They set a “buy” rating and a $16.00 target price for the company. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of “Moderate Buy” and a consensus target price of $19.63.

Rivian Automotive Price Performance

The business has a 50-day moving average of $10.68 and a 200-day moving average of $13.52. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing the consensus estimate of ($1.38) by ($0.03). The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. On average, sell-side analysts forecast that Rivian Automotive, Inc. will post -4.94 EPS for the current year.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its position in shares of Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 2,380 shares during the period. Westwood Holdings Group Inc. increased its holdings in Rivian Automotive by 240.3% during the 1st quarter. Westwood Holdings Group Inc. now owns 273,801 shares of the electric vehicle automaker’s stock worth $2,998,000 after purchasing an additional 193,345 shares during the period. DekaBank Deutsche Girozentrale raised its position in Rivian Automotive by 2.5% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 384,101 shares of the electric vehicle automaker’s stock valued at $4,149,000 after purchasing an additional 9,508 shares in the last quarter. EULAV Asset Management boosted its stake in shares of Rivian Automotive by 33.3% in the 1st quarter. EULAV Asset Management now owns 680,000 shares of the electric vehicle automaker’s stock valued at $7,446,000 after buying an additional 170,000 shares during the period. Finally, Teachers Retirement System of The State of Kentucky grew its position in shares of Rivian Automotive by 571.5% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 502,949 shares of the electric vehicle automaker’s stock worth $5,507,000 after buying an additional 428,050 shares in the last quarter. 66.25% of the stock is 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.