Rivian Automotive (NASDAQ:RIVN) Shares Gap Down Following Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN) gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $14.74, but opened at $13.96. Rivian Automotive shares last traded at $13.63, with a volume of 14,526,961 shares traded.

Specifically, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.30% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on RIVN shares. Cantor Fitzgerald raised their target price on Rivian Automotive from $15.00 to $19.00 and gave the stock an “overweight” rating in a research note on Wednesday. Morgan Stanley reissued an “overweight” rating and set a $13.00 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 stock a “hold” rating in a research note on Wednesday. Mizuho cut their target price on Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Wednesday, May 8th. Finally, Barclays cut their target price on Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Friday, April 19th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.63.

Rivian Automotive Stock Down 7.3 %

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

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. Equities research analysts predict that Rivian Automotive, Inc. will post -4.94 earnings per share for the current year.

Institutional Trading of Rivian Automotive

Institutional investors have recently bought and sold shares of the business. Ancora Advisors LLC purchased a new stake in Rivian Automotive during the 3rd quarter worth about $27,000. Bear Mountain Capital Inc. purchased a new stake in Rivian Automotive during the 4th quarter worth about $26,000. Principal Securities Inc. purchased a new stake in Rivian Automotive during the 4th quarter worth about $33,000. Arlington Trust Co LLC purchased a new stake in Rivian Automotive during the 4th quarter worth about $35,000. Finally, Fairman Group LLC purchased a new stake in Rivian Automotive during the 4th quarter worth about $36,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.