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

Rivian Automotive, Inc. (NASDAQ:RIVN) shares gapped down prior to trading on Wednesday after an insider sold shares in the company. The stock had previously closed at $17.50, but opened at $16.85. Rivian Automotive shares last traded at $16.58, with a volume of 4,410,290 shares changing hands.

Specifically, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,234,023.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,234,023.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 200,000 shares of the business’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $16,374,438. The disclosure for this sale can be found here. Over the last three months, insiders sold 485,716 shares of company stock worth $7,509,309. 2.30% of the stock is owned by insiders.

Analyst Ratings Changes

RIVN has been the subject of several research analyst reports. Royal Bank of Canada upped their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “sector perform” rating in a research note on Monday, July 1st. Mizuho upped 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 upped their target price on shares of Rivian Automotive from $13.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, June 28th. JPMorgan Chase & Co. upped their target price on shares of Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a research note on Wednesday, June 26th. Finally, Canaccord Genuity Group upped their target price on shares of Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, July 1st. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.79.

Rivian Automotive Stock Performance

The company’s fifty day moving average price is $13.03 and its two-hundred day moving average price is $12.71. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS 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 company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. Analysts expect that Rivian Automotive, Inc. will post -4.67 earnings per share for the current year.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its holdings in Rivian Automotive by 35.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after acquiring an additional 25,550,489 shares during the last quarter. Vanguard Group Inc. lifted its position in Rivian Automotive by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after purchasing an additional 1,226,357 shares during the period. Baillie Gifford & Co. lifted its position in Rivian Automotive by 30.5% during the 2nd quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker’s stock valued at $443,072,000 after purchasing an additional 7,714,788 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in Rivian Automotive by 1,521.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after purchasing an additional 5,937,605 shares during the period. Finally, Norges Bank acquired a new position in Rivian Automotive during the 4th quarter valued at about $129,427,000. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.