Insider Selling: Rivian Automotive (NASDAQ:RIVN) CFO Sells $128,368.00 in Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CFO Claire Mcdonough sold 8,023 shares of the business’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the sale, the chief financial officer directly owned 819,178 shares of the company’s stock, valued at approximately $13,106,848. The trade was a 0.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Claire Mcdonough also recently made the following trade(s):

• On Tuesday, August 18th, Claire Mcdonough sold 13,144 shares of Rivian Automotive stock. The stock was sold at an average price of $14.50, for a total transaction of $190,588.00.
• On Friday, May 29th, Claire Mcdonough sold 8,023 shares of Rivian Automotive stock. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00.

Rivian Automotive Stock Performance

Rivian Automotive stock traded up $0.96 during midday trading on Friday, hitting $16.97. The company’s stock had a trading volume of 35,243,335 shares, compared to its average volume of 22,957,556. 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 company has a market cap of $24.57 billion, a price-to-earnings ratio of -6.58 and a beta of 1.61. Rivian Automotive, Inc. has a 1-year low of $12.16 and a 1-year high of $22.69. The company has a 50-day moving average price of $16.48 and a two-hundred day moving average price of $15.81.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.47) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.19. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the prior year, the business posted ($0.97) EPS. The business’s revenue was up 27.2% compared to the same quarter last year. As a group, sell-side analysts predict that Rivian Automotive, Inc. will post -2.98 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in RIVN. Norges Bank acquired a new stake in shares of Rivian Automotive during the 4th quarter valued at $220,323,000. Renaissance Technologies LLC increased its holdings in Rivian Automotive by 32.4% in the 4th quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock worth $323,195,000 after purchasing an additional 4,012,386 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Rivian Automotive in the 2nd quarter worth about $49,915,000. Capital International Investors raised its position in Rivian Automotive by 13.2% in the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after purchasing an additional 2,418,717 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in Rivian Automotive by 496.6% in the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after purchasing an additional 1,918,852 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

RIVN has been the topic of a number of analyst reports. TD Cowen increased their price target on Rivian Automotive from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Morgan Stanley lifted their price objective on Rivian Automotive from $13.00 to $14.00 and gave the company an “underweight” rating in a report on Friday, July 31st. Weiss Ratings upgraded Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. UBS Group increased their target price on Rivian Automotive from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Finally, Wall Street Zen upgraded Rivian Automotive from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Twelve research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and seven have given a Sell rating to the company’s stock. According to MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and an average target price of $18.95.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.