Insider Selling: Rivian Automotive (NASDAQ:RIVN) CEO Sells 17,450 Shares of Stock

Key Points

• CEO Robert Scaringe of Rivian Automotive sold 17,450 shares of the company's stock for a total of $244,300, reducing his ownership stake by 1.29%.
• Rivian reported a quarterly loss of ($0.97) EPS, missing expectations, despite achieving a revenue of $1.30 billion, which was above analysts’ predictions.
• Wall Street analysts hold a consensus rating of "Hold" for Rivian, with an average target price of $13.67, while several firms have downgraded their ratings and target prices in recent months.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) CEO Robert Scaringe sold 17,450 shares of the business's stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $14.00, for a total value of $244,300.00. Following the transaction, the chief executive officer directly owned 1,333,655 shares in the company, valued at $18,671,170. This trade represents a 1.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Rivian Automotive Trading Down 3.7%

NASDAQ RIVN traded down $0.51 on Friday, reaching $13.46. 67,096,729 shares of the company were exchanged, compared to its average volume of 35,142,359. The stock has a market capitalization of $16.33 billion, a P/E ratio of -4.17 and a beta of 1.81. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. The business's fifty day moving average price is $13.05 and its 200 day moving average price is $12.99. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $17.15.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The firm had revenue of $1.30 billion for the quarter, compared to analysts' expectations of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The firm's quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.46) EPS. Analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Institutional Trading of Rivian Automotive

Large investors have recently modified their holdings of the stock. Brighton Jones LLC grew its stake in shares of Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock worth $235,000 after purchasing an additional 3,864 shares in the last quarter. Triumph Capital Management boosted its stake in Rivian Automotive by 55.8% in the fourth quarter. Triumph Capital Management now owns 57,684 shares of the electric vehicle automaker's stock valued at $767,000 after acquiring an additional 20,651 shares in the last quarter. Ethic Inc. boosted its stake in Rivian Automotive by 122.3% in the fourth quarter. Ethic Inc. now owns 39,222 shares of the electric vehicle automaker's stock valued at $522,000 after acquiring an additional 21,580 shares in the last quarter. Ensign Peak Advisors Inc boosted its stake in Rivian Automotive by 6.0% in the fourth quarter. Ensign Peak Advisors Inc now owns 340,039 shares of the electric vehicle automaker's stock valued at $4,523,000 after acquiring an additional 19,190 shares in the last quarter. Finally, Focus Partners Wealth boosted its stake in Rivian Automotive by 88.9% in the fourth quarter. Focus Partners Wealth now owns 50,037 shares of the electric vehicle automaker's stock valued at $680,000 after acquiring an additional 23,553 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on RIVN. Wall Street Zen lowered shares of Rivian Automotive from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Morgan Stanley cut their target price on Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 13th. Piper Sandler boosted their target price on Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. JPMorgan Chase & Co. cut their target price on Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating on the stock in a research report on Wednesday, August 6th. Finally, Guggenheim lowered Rivian Automotive from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Five analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $13.67.

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.

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