Rivian Automotive (NASDAQ:RIVN) Stock Price Down 0.1% After Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN) shares dropped 0.1% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $15.46 and last traded at $15.70. Approximately 16,324,358 shares changed hands during trading, a decline of 63% from the average daily volume of 43,730,254 shares. The stock had previously closed at $15.71.

Specifically, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $10,234,023.75. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last quarter, insiders have sold 214,287 shares of company stock worth $2,693,588. Company insiders own 2.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $15.00 price target on shares of Rivian Automotive in a research note on Tuesday, April 2nd. The Goldman Sachs Group upped their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Monday, July 1st. Wells Fargo & Company lowered their price target 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. Wedbush increased their price objective on Rivian Automotive from $15.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, June 26th. Finally, UBS Group raised their target price on Rivian Automotive from $10.00 to $17.00 and gave the stock a “neutral” rating in a research report on Friday, June 28th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.21.

Rivian Automotive Stock Performance

The company has a market capitalization of $16.68 billion, a price-to-earnings ratio of -2.90 and a beta of 2.08. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55. The stock has a 50 day moving average price of $11.79 and a two-hundred day moving average price of $13.07.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. On average, analysts predict that Rivian Automotive, Inc. will post -4.87 EPS for the current fiscal year.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Morgan Stanley increased its position in Rivian Automotive by 14.0% in the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after purchasing an additional 1,193,650 shares during the period. Trust Co. of Vermont increased its position in Rivian Automotive by 52.0% in the third quarter. Trust Co. of Vermont now owns 4,385 shares of the electric vehicle automaker’s stock worth $106,000 after purchasing an additional 1,500 shares during the period. Wellington Management Group LLP increased its position in Rivian Automotive by 228.5% in the third quarter. Wellington Management Group LLP now owns 3,630,315 shares of the electric vehicle automaker’s stock worth $88,144,000 after purchasing an additional 2,525,142 shares during the period. B. Riley Wealth Advisors Inc. increased its position in Rivian Automotive by 37.5% in the third quarter. B. Riley Wealth Advisors Inc. now owns 20,885 shares of the electric vehicle automaker’s stock worth $507,000 after purchasing an additional 5,696 shares during the period. Finally, Hudson Bay Capital Management LP acquired a new stake in Rivian Automotive in the third quarter worth about $1,263,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

About Rivian Automotive

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.