Rivian Automotive (NASDAQ:RIVN) Stock Price Down 0.5% on Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN) fell 0.5% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $10.95 and last traded at $10.98. 13,832,149 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 40,197,082 shares. The stock had previously closed at $11.03.

Specifically, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $10,319,162.64. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Wall Street Analyst Weigh In

Several research firms recently commented on RIVN. Wolfe Research began coverage on shares of Rivian Automotive in a research note on Thursday, September 5th. They set a “peer perform” rating for the company. 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 note on Tuesday, July 16th. JPMorgan Chase & Co. boosted their target price on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a research report on Wednesday, June 26th. Royal Bank of Canada reissued a “sector perform” rating and issued a $15.00 price target on shares of Rivian Automotive in a report on Friday, August 16th. Finally, Morgan Stanley cut shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $16.00 to $13.00 in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $17.91.

Rivian Automotive Stock Up 3.8 %

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 cap of $11.55 billion, a P/E ratio of -2.01 and a beta of 2.06. The business’s fifty day moving average is $13.91 and its two-hundred day moving average is $12.31.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. Equities analysts predict that Rivian Automotive, Inc. will post -4.8 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. grew its position in shares of Rivian Automotive by 20.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 36,575 shares of the electric vehicle automaker’s stock worth $858,000 after acquiring an additional 6,295 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Rivian Automotive by 129.0% during the 4th quarter. Wells Fargo & Company MN now owns 817,381 shares of the electric vehicle automaker’s stock valued at $19,176,000 after acquiring an additional 460,416 shares in the last quarter. Corient Private Wealth LLC raised its position in shares of Rivian Automotive by 12.8% during the 4th quarter. Corient Private Wealth LLC now owns 67,963 shares of the electric vehicle automaker’s stock valued at $1,594,000 after acquiring an additional 7,731 shares in the last quarter. Franklin Resources Inc. increased its position in Rivian Automotive by 13.5% in the fourth quarter. Franklin Resources Inc. now owns 118,255 shares of the electric vehicle automaker’s stock worth $2,774,000 after buying an additional 14,104 shares during the period. Finally, Cambridge Investment Research Advisors Inc. grew its stake in shares of Rivian Automotive by 1.0% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 102,040 shares of the electric vehicle automaker’s stock worth $2,394,000 after purchasing an additional 1,000 shares in the last quarter. 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.