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

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was down 2% during trading on Wednesday following insider selling activity. The company traded as low as $13.88 and last traded at $14.15. Approximately 9,675,820 shares traded 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 on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on RIVN shares. Wedbush reissued an “outperform” rating and set a $20.00 price objective on shares of Rivian Automotive in a report on Friday, November 8th. Robert W. Baird reaffirmed a “neutral” rating and set a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. The Goldman Sachs Group upped their price target on Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Baird R W downgraded Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Finally, Needham & Company LLC upped their price target on Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $15.50.

Rivian Automotive Trading Down 4.7 %

The firm has a fifty day simple moving average of $13.56 and a two-hundred day simple moving average of $12.53. The firm has a market capitalization of $13.24 billion, a P/E ratio of -2.32 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 72.78% and a negative net margin of 121.38%. The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. On average, equities research analysts anticipate that Rivian Automotive, Inc. will post -4.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rivian Automotive

Large investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its position in Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after purchasing an additional 2,035,831 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Rivian Automotive by 1,870.7% in the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock worth $608,000 after buying an additional 51,464 shares during the period. Mizuho Markets Americas LLC increased its holdings in shares of Rivian Automotive by 30.7% in the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock worth $5,964,000 after buying an additional 124,950 shares during the period. SG Americas Securities LLC increased its holdings in shares of Rivian Automotive by 42.7% in the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock worth $2,404,000 after buying an additional 54,053 shares during the period. Finally, Alberta Investment Management Corp purchased a new position in shares of Rivian Automotive in the fourth quarter worth about $6,648,000. 66.25% of the stock is owned by institutional investors.

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.