Rivian Automotive (NASDAQ:RIVN) Shares Down 2% After Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price dropped 2% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $13.88 and last traded at $14.15. Approximately 9,675,820 shares changed hands during trading, a decline of 70% from the average daily volume of 32,335,037 shares. The stock had previously closed at $14.44.

Specifically, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RIVN. Cantor Fitzgerald cut Rivian Automotive from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $13.00 to $15.00 in a research report on Friday. Baird R W cut Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. UBS Group lifted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Guggenheim cut their price objective on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Finally, Benchmark initiated coverage on Rivian Automotive in a research report on Monday, December 9th. They set a “buy” rating and a $18.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $15.50.

Rivian Automotive Stock Performance

The business’s 50-day moving average price is $13.56 and its 200-day moving average price is $12.53. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock has a market cap of $13.24 billion, a P/E ratio of -2.32 and a beta of 2.04.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.06. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative net margin of 121.38% and a negative return on equity of 72.78%. As a group, sell-side analysts expect that Rivian Automotive, Inc. will post -4.7 earnings per share for the current fiscal year.

Institutional Trading of Rivian Automotive

Several hedge funds have recently bought and sold shares of RIVN. Baillie Gifford & Co. lifted its stake in 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 purchasing an additional 17,341,786 shares in the last quarter. Capital International Investors purchased a new stake in Rivian Automotive in the 4th quarter worth $144,030,000. Norges Bank purchased a new stake in shares of Rivian Automotive during the 4th quarter valued at about $123,308,000. Northern Trust Corp raised its position in shares of Rivian Automotive by 68.5% during the 4th 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 purchased a new stake in shares of Rivian Automotive during the 4th quarter valued at about $29,944,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.