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

Key Points

• CEO Robert Scaringe sold 17,450 shares on Jan. 20 at an average price of $16.03 for $279,723.50, leaving him with 1,115,209 shares (a 1.54% reduction) valued at about $17.88M.
• Rivian posted a quarterly beat with EPS of ($0.65) versus consensus ($0.71) and revenue up 78.3% year-over-year, but the company still reported a deep negative net margin and is forecast to post about -3.2 EPS for the year.
• The stock traded around $16.32 (down ~0.9%), has a market cap of ~$20.0B, and carries a MarketBeat consensus rating of "Hold" with an average price target of $16.23; institutional investors own roughly 66.3% of the shares.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) CEO Robert Scaringe sold 17,450 shares of Rivian Automotive 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 completion of the sale, the chief executive officer directly owned 1,115,209 shares of the company's stock, valued at $17,876,800.27. This trade represents a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Rivian Automotive Trading Down 0.9%

Shares of NASDAQ:RIVN traded down $0.15 during trading on Thursday, hitting $16.32. 20,313,378 shares of the company's stock were exchanged, compared to its average volume of 32,622,621. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87. The firm has a market cap of $20.01 billion, a P/E ratio of -5.25 and a beta of 1.77. The firm has a 50-day moving average price of $18.00 and a two-hundred day moving average price of $15.11. Rivian Automotive, Inc. has a 1-year low of $10.36 and a 1-year high of $22.69.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.71) by $0.06. The firm had revenue of $1.56 billion for the quarter, compared to analysts' expectations of $1.27 billion. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The business's revenue for the quarter was up 78.3% on a year-over-year basis. During the same period last year, the firm earned ($1.08) earnings per share. Equities analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in RIVN. Norges Bank bought a new stake in Rivian Automotive during the 2nd quarter worth about $105,629,000. Vanguard Group Inc. increased its position in shares of Rivian Automotive by 3.3% in the third quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker's stock valued at $1,198,967,000 after acquiring an additional 2,597,310 shares during the last quarter. Capital International Investors raised its holdings in Rivian Automotive by 13.4% during the third quarter. Capital International Investors now owns 18,351,127 shares of the electric vehicle automaker's stock worth $269,395,000 after acquiring an additional 2,161,394 shares in the last quarter. AQR Capital Management LLC boosted its position in Rivian Automotive by 496.6% during 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. Finally, Worldquant Millennium Advisors LLC increased its position in shares of Rivian Automotive by 1,353.6% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 2,058,284 shares of the electric vehicle automaker's stock worth $28,281,000 after purchasing an additional 1,916,686 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on RIVN. Cfra Research raised Rivian Automotive to a "moderate sell" rating in a research note on Thursday, October 2nd. Tigress Financial increased their target price on shares of Rivian Automotive from $21.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, November 14th. Wall Street Zen raised shares of Rivian Automotive from a "sell" rating to a "hold" rating in a research report on Saturday, November 8th. Weiss Ratings restated a "sell (d-)" rating on shares of Rivian Automotive in a research report on Wednesday, October 8th. Finally, Robert W. Baird upgraded Rivian Automotive from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from $14.00 to $25.00 in a report on Thursday, December 18th. Eight research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and eight have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $16.23.

Rivian Automotive Company Profile

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.

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