Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.3% After Insider Selling

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 2.3% during trading on Friday after an insider sold shares in the company. The stock traded as low as $15.77 and last traded at $15.95. 19,501,665 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 31,749,918 shares. The stock had previously closed at $16.32.

Specifically, CEO Robert J. Scaringe sold 17,450 shares of the firm’s stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $16.03, for a total value of $279,723.50. Following the completion of the transaction, the chief executive officer owned 1,115,209 shares of the company’s stock, valued at approximately $17,876,800.27. This trade represents a 1.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

Several analysts have recently commented on RIVN shares. Tigress Financial raised their target price on Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, November 14th. Robert W. Baird raised Rivian Automotive from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $14.00 to $25.00 in a research note on Thursday, December 18th. Morgan Stanley reaffirmed an “underweight” rating and set a $12.00 target price on shares of Rivian Automotive in a research note on Monday, December 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rivian Automotive in a report on Thursday. Finally, Stifel Nicolaus raised their price target on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, November 17th. Eight equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and eight have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $16.23.

Rivian Automotive Price Performance

The company’s 50-day simple moving average is $18.02 and its 200 day simple moving average is $15.16. The company has a market capitalization of $19.55 billion, a P/E ratio of -5.13 and a beta of 1.77. The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87.

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

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently made changes to their positions in the stock. SOA Wealth Advisors LLC. raised its stake in shares of Rivian Automotive by 894.2% in the 4th quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after acquiring an additional 1,395 shares in the last quarter. Glass Jacobson Investment Advisors llc grew its holdings in Rivian Automotive by 96.3% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock valued at $34,000 after purchasing an additional 852 shares during the last quarter. Assetmark Inc. raised its position in shares of Rivian Automotive by 315.6% in the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 1,357 shares during the period. Newbridge Financial Services Group Inc. lifted its stake in shares of Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 1,000 shares during the last quarter. Finally, Mather Group LLC. bought a new stake in shares of Rivian Automotive during the 3rd quarter worth $30,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

About Rivian Automotive

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.