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

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) fell 2% on Wednesday following insider selling activity. The stock traded as low as $13.88 and last traded at $14.15. 9,675,820 shares traded hands during 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 on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on RIVN shares. Wells Fargo & Company upped their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Friday. Baird R W cut Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. UBS Group lifted their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Thursday, January 16th. Royal Bank of Canada decreased their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Finally, Cantor Fitzgerald lowered shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and raised their price target for the company from $13.00 to $15.00 in a report on Friday. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $15.50.

Rivian Automotive Trading Down 4.7 %

The business’s 50 day moving average is $13.56 and its two-hundred day moving average is $12.53. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $13.24 billion, a P/E ratio of -2.32 and a beta of 2.04.

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 the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 121.38% and a negative return on equity of 72.78%. The firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Analysts expect that Rivian Automotive, Inc. will post -4.7 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RIVN. Baillie Gifford & Co. grew its holdings in shares of Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after acquiring an additional 17,341,786 shares during the last quarter. Capital International Investors purchased a new position in Rivian Automotive in the 4th quarter worth about $144,030,000. Norges Bank acquired a new stake in Rivian Automotive during the 4th quarter worth about $123,308,000. Northern Trust Corp lifted its stake in Rivian Automotive by 68.5% during the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after buying an additional 2,941,928 shares in the last quarter. Finally, Twinbeech Capital LP acquired a new position in shares of Rivian Automotive in the fourth quarter worth about $29,944,000. 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.