Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.3% After Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded down 2.3% during trading on Friday after an insider sold shares in the company. The company traded as low as $15.77 and last traded at $15.95. 19,501,665 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 31,749,918 shares. The stock had previously closed at $16.32.

Specifically, CEO Robert J. Scaringe sold 17,450 shares of the firm’s stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $16.03, for a total value of $279,723.50. Following the transaction, the chief executive officer owned 1,115,209 shares of the company’s stock, valued at approximately $17,876,800.27. This trade represents a 1.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Tigress Financial boosted their price objective on Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, November 14th. Evercore ISI reiterated an “outperform” rating on shares of Rivian Automotive in a report on Monday, December 15th. JPMorgan Chase & Co. boosted their price target on Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a research report on Monday, October 20th. Mizuho restated an “underperform” rating and issued a $10.00 price target (down previously from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. Finally, UBS Group reiterated a “sell” rating and set a $15.00 price objective (up previously from $13.00) on shares of Rivian Automotive in a research note on Wednesday, January 14th. Eight research analysts have rated the stock with a Buy rating, nine have given a Hold rating and eight have given a Sell rating to the stock. According to MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and a consensus price target of $16.23.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. The company has a fifty day moving average of $18.00 and a two-hundred day moving average of $15.12. The stock has a market capitalization of $19.55 billion, a P/E ratio of -5.13 and a beta of 1.77.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.71) by $0.06. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The business had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period in the prior year, the company posted ($1.08) EPS. The business’s revenue was up 78.3% compared to the same quarter last year. On average, equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently bought and sold shares of the business. Prospera Financial Services Inc grew its holdings in shares of Rivian Automotive by 5.2% during the third quarter. Prospera Financial Services Inc now owns 15,803 shares of the electric vehicle automaker’s stock valued at $232,000 after purchasing an additional 775 shares during the last quarter. Siemens Fonds Invest GmbH increased its holdings in shares of Rivian Automotive by 7.7% in the 3rd quarter. Siemens Fonds Invest GmbH now owns 10,874 shares of the electric vehicle automaker’s stock worth $160,000 after acquiring an additional 780 shares during the period. Equitable Holdings Inc. lifted its position in Rivian Automotive by 5.8% in the 3rd quarter. Equitable Holdings Inc. now owns 14,699 shares of the electric vehicle automaker’s stock valued at $216,000 after purchasing an additional 803 shares during the last quarter. Glass Jacobson Investment Advisors llc lifted its position in Rivian Automotive by 96.3% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock valued at $34,000 after purchasing an additional 852 shares during the last quarter. Finally, TD Asset Management Inc boosted its stake in Rivian Automotive by 1.2% during the 2nd quarter. TD Asset Management Inc now owns 75,841 shares of the electric vehicle automaker’s stock valued at $1,042,000 after purchasing an additional 870 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.