Rivian Automotive (NASDAQ:RIVN) Insider Sells $244,350.00 in Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) insider Michael John Callahan sold 15,000 shares of the stock in a transaction on Friday, September 11th. The stock was sold at an average price of $16.29, for a total transaction of $244,350.00. Following the transaction, the insider owned 1,016,776 shares in the company, valued at approximately $16,563,281.04. This trade represents a 1.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rivian Automotive Trading Down 2.0%

Shares of NASDAQ:RIVN opened at $15.54 on Wednesday. The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $22.50 billion, a PE ratio of -6.02 and a beta of 1.62. Rivian Automotive, Inc. has a 1 year low of $12.39 and a 1 year high of $22.69. The firm has a fifty day moving average price of $16.29 and a 200 day moving average price of $15.91.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.03. The company had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The business’s quarterly revenue was up 27.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.97) earnings per share. Analysts expect that Rivian Automotive, Inc. will post -2.98 EPS for the current fiscal year.

More Rivian Automotive News

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: Rivian’s financial turnaround has prompted an analyst-rating upgrade, suggesting that improving operating performance may make the stock less clearly bearish than before. Rivian: Financial Turnaround Makes This Less A Clear Sell (Rating Upgrade)
• Positive Sentiment: Citi initiated coverage with an $18 price target, implying potential upside from recent levels, although its neutral rating indicates that the firm does not see a strong near-term catalyst. Citi initiates Rivian coverage with neutral rating, $18 target
• Neutral Sentiment: At Morgan Stanley’s Laguna Conference, Rivian discussed its business and outlook. The supplied report identifies the presentation but does not provide specific new guidance or announcements that would materially change the investment case. Rivian Automotive Presents at Morgan Stanley’s 14th Annual Laguna Conference Transcript
• Neutral Sentiment: Rivian is being compared with Eaton as an investment choice: Rivian offers higher-growth potential through its R2 platform and commercial partnerships, but carries considerably more execution and profitability risk. Eaton vs. Rivian Automotive
• Negative Sentiment: Rivian declined more sharply than the broader market in the latest session, indicating continued sensitivity to weak sentiment across the EV industry. Rivian Sees a More Significant Dip Than Broader Market
• Negative Sentiment: Commentary that the EV “bubble” has burst reinforces concerns about industry-wide demand, competition and valuation, which can pressure Rivian despite its longer-term growth plans. The EV bubble has burst. How to play Rivian stock now.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Reynders McVeigh Capital Management LLC boosted its holdings in Rivian Automotive by 6.8% during the second quarter. Reynders McVeigh Capital Management LLC now owns 15,767 shares of the electric vehicle automaker’s stock valued at $274,000 after purchasing an additional 1,000 shares in the last quarter. Tidal Investments LLC grew its stake in Rivian Automotive by 2.3% during the second quarter. Tidal Investments LLC now owns 292,956 shares of the electric vehicle automaker’s stock worth $5,083,000 after buying an additional 6,566 shares during the last quarter. MCF Advisors LLC boosted its holdings in shares of Rivian Automotive by 3,500.0% in the 2nd quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker’s stock worth $31,000 after acquiring an additional 1,750 shares in the last quarter. National Pension Service bought a new stake in Rivian Automotive during the 2nd quarter worth approximately $790,000. Finally, Integrated Wealth Concepts LLC increased its holdings in Rivian Automotive by 21.4% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 33,437 shares of the electric vehicle automaker’s stock valued at $580,000 after purchasing an additional 5,896 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on RIVN shares. Wall Street Zen lowered shares of Rivian Automotive from a “hold” rating to a “sell” rating in a research note on Saturday, September 5th. Citigroup assumed coverage on Rivian Automotive in a research report on Monday. They issued a “neutral” rating and a $18.00 price target on the stock. Cantor Fitzgerald reissued a “neutral” rating and issued a $19.00 price objective on shares of Rivian Automotive in a research report on Tuesday, July 28th. Wells Fargo & Company boosted their target price on shares of Rivian Automotive from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Friday, July 31st. Finally, Weiss Ratings raised shares of Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. Twelve equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and seven have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $19.00.

About Rivian Automotive

Rivian Automotive, Inc designs, develops and manufactures electric vehicles and related technology. Its consumer vehicle lineup includes the R1T electric pickup truck and R1S electric SUV, which are designed for on-road and off-road use. The company also develops charging solutions, vehicle software and connected services intended to support the ownership and operation of its electric vehicles.

Rivian produces electric commercial vans for delivery and fleet applications, including vehicles developed through its relationship with Amazon.