Rivian Automotive (NASDAQ:RIVN) Stock Price Down 5.7% After Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price fell 5.7% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $16.05 and last traded at $16.50. 17,446,603 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 43,928,523 shares. The stock had previously closed at $17.50.

Specifically, CEO Robert J. Scaringe sold 200,000 shares of the company’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the business’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $16,374,438. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The disclosure for this sale can be found here. Insiders sold 485,716 shares of company stock valued at $7,509,309 over the last 90 days. 2.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on RIVN. Barclays lifted their target price on shares of Rivian Automotive from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 16th. JPMorgan Chase & Co. lifted their price target on shares of Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a research report on Wednesday, June 26th. Mizuho raised their target price on shares of Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. Needham & Company LLC boosted their target price on shares of Rivian Automotive from $13.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Finally, Truist Financial raised their price objective on shares of Rivian Automotive from $10.00 to $13.00 and gave the stock a “hold” rating in a research note on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.79.

Rivian Automotive Stock Performance

The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. The stock has a fifty day moving average of $13.03 and a 200 day moving average of $12.71.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data 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). Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. As a group, equities analysts forecast that Rivian Automotive, Inc. will post -4.67 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Raymond James Financial Services Advisors Inc. increased its stake in shares of Rivian Automotive by 9.9% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 297,944 shares of the electric vehicle automaker’s stock worth $6,990,000 after acquiring an additional 26,915 shares during the period. Assenagon Asset Management S.A. boosted its stake in Rivian Automotive by 4.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 34,238 shares of the electric vehicle automaker’s stock worth $803,000 after buying an additional 1,439 shares during the last quarter. Gradient Investments LLC grew its stake in shares of Rivian Automotive by 72.4% in the 4th quarter. Gradient Investments LLC now owns 2,463 shares of the electric vehicle automaker’s stock valued at $58,000 after buying an additional 1,034 shares during the period. Halpern Financial Inc. acquired a new stake in Rivian Automotive during the fourth quarter worth $47,000. Finally, True North Advisors LLC raised its stake in shares of Rivian Automotive by 41.2% in the 4th quarter. True North Advisors LLC now owns 18,578 shares of the electric vehicle automaker’s stock valued at $436,000 after acquiring an additional 5,419 shares during the period. 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.