Rivian Automotive (NASDAQ:RIVN) Shares Down 5.2% on Insider Selling

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were down 5.2% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $19.28 and last traded at $19.5850. Approximately 38,277,496 shares were traded during trading, a decline of 2% from the average daily volume of 39,042,746 shares. The stock had previously closed at $20.67.

Specifically, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $21.43, for a total value of $373,953.50. Following the completion of the transaction, the chief executive officer directly owned 1,150,109 shares in the company, valued at approximately $24,646,835.87. This represents a 1.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on RIVN shares. Stifel Nicolaus increased their price target on Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, November 17th. Wedbush increased their price target on Rivian Automotive from $16.00 to $25.00 and gave the company an “outperform” rating in a research report on Friday, December 19th. Mizuho reaffirmed an “underperform” rating and set a $10.00 price target (down previously from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. Cfra Research upgraded shares of Rivian Automotive to a “moderate sell” rating in a research report on Thursday, October 2nd. Finally, DA Davidson increased their target price on Rivian Automotive from $13.00 to $15.00 and gave the company a “neutral” rating in a research note on Tuesday, November 11th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, thirteen have given a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and an average price target of $15.73.

Rivian Automotive Price Performance

The company has a market capitalization of $24.01 billion, a PE ratio of -6.30 and a beta of 1.79. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. The firm has a 50-day moving average of $16.55 and a 200 day moving average of $14.52.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) EPS for the quarter, topping the consensus estimate of ($0.71) by $0.06. The firm had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.During the same quarter last year, the company earned ($1.08) earnings per share. The business’s revenue for the quarter was up 78.3% compared to the same quarter last year. As a group, research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Brighton Jones LLC boosted its holdings in Rivian Automotive by 28.0% during the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after acquiring an additional 3,864 shares during the period. Trexquant Investment LP purchased a new position in shares of Rivian Automotive in the first quarter worth about $5,285,000. WPG Advisers LLC acquired a new position in shares of Rivian Automotive in the 1st quarter valued at about $34,000. Pinnacle Wealth Planning Services Inc. purchased a new stake in shares of Rivian Automotive during the 1st quarter worth about $148,000. Finally, Baird Financial Group Inc. increased its holdings in Rivian Automotive by 93.1% in the 1st quarter. Baird Financial Group Inc. now owns 24,044 shares of the electric vehicle automaker’s stock worth $299,000 after acquiring an additional 11,595 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.