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

Rivian Automotive, Inc. (NASDAQ:RIVN) shares fell 2% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $14.83 and last traded at $15.23. Approximately 30,640,299 shares were traded during trading, an increase of 3% from the average session volume of 29,672,152 shares. The stock had previously closed at $15.54.

Specifically, insider Michael John Callahan sold 15,000 shares of Rivian Automotive stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $16.29, for a total value of $244,350.00. Following the completion of the sale, the insider owned 1,016,776 shares of the company’s stock, valued at approximately $16,563,281.04. The trade was a 1.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Ratings Changes

Several equities analysts have recently weighed in on RIVN shares. Deutsche Bank Aktiengesellschaft cut Rivian Automotive from a “buy” rating to an “underperform” rating in a report on Tuesday, August 4th. Morgan Stanley lifted their price objective on Rivian Automotive from $13.00 to $14.00 and gave the stock an “underweight” rating in a report on Friday, July 31st. BNP Paribas Exane upped their price objective on Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. UBS Group increased their target price on Rivian Automotive from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $19.00 target price on shares of Rivian Automotive in a research report on Tuesday, July 28th. Twelve equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and seven have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and an average target price of $19.00.

Rivian Automotive Stock Down 2.0%

The company has a debt-to-equity ratio of 0.87, a current ratio of 2.10 and a quick ratio of 1.65. The firm has a market capitalization of $22.05 billion, a P/E ratio of -5.90 and a beta of 1.62. The company’s 50-day simple moving average is $16.29 and its two-hundred day simple moving average is $15.91.

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

Institutional Trading of Rivian Automotive

Hedge funds have recently bought and sold shares of the stock. Parallel Advisors LLC grew its position in shares of Rivian Automotive by 4.0% in the first quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker’s stock valued at $242,000 after purchasing an additional 613 shares during the period. Tradition Wealth Management LLC raised its position in shares of Rivian Automotive by 5.7% during the 4th quarter. Tradition Wealth Management LLC now owns 14,056 shares of the electric vehicle automaker’s stock worth $277,000 after purchasing an additional 753 shares during the last quarter. Reynders McVeigh Capital Management LLC lifted its stake in Rivian Automotive by 6.8% in the 2nd quarter. Reynders McVeigh Capital Management LLC now owns 15,767 shares of the electric vehicle automaker’s stock valued at $274,000 after buying an additional 1,000 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in Rivian Automotive by 2.0% in the 2nd quarter. Assenagon Asset Management S.A. now owns 56,758 shares of the electric vehicle automaker’s stock valued at $985,000 after buying an additional 1,134 shares in the last quarter. Finally, MTM Investment Management LLC boosted its holdings in Rivian Automotive by 115.0% in the 4th quarter. MTM Investment Management LLC now owns 2,150 shares of the electric vehicle automaker’s stock worth $42,000 after buying an additional 1,150 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.