Rivian Automotive (NASDAQ:RIVN) Shares Down 1% on Insider Selling

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were down 1% during trading on Monday following insider selling activity. The company traded as low as $13.22 and last traded at $13.36. Approximately 5,036,320 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 40,280,402 shares. The stock had previously closed at $13.50.

Specifically, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at $12,127,675.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on RIVN shares. Barclays raised their price target on shares of Rivian Automotive from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 16th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $19.00 target price on shares of Rivian Automotive in a report on Monday. Wolfe Research began coverage on Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating on the stock. The Goldman Sachs Group upped their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research note on Monday, July 1st. Finally, Mizuho raised their target price on Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.09.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The firm has a market capitalization of $13.01 billion, a PE ratio of -2.26 and a beta of 2.06. The firm has a fifty day moving average price of $14.75 and a 200 day moving average price of $12.31.

Rivian Automotive (NASDAQ:RIVN) last announced 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 for 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%. Research analysts anticipate that Rivian Automotive, Inc. will post -4.92 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently bought and sold shares of RIVN. Quent Capital LLC raised its holdings in shares of Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 2,380 shares during the last quarter. Principal Securities Inc. acquired a new stake in shares of Rivian Automotive during the 4th quarter valued at about $33,000. Benjamin Edwards Inc. bought a new stake in shares of Rivian Automotive in the 1st quarter valued at approximately $33,000. Finally, Fairman Group LLC acquired a new position in Rivian Automotive in the fourth quarter worth approximately $36,000. 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.