Rivian Automotive (NASDAQ:RIVN) CFO Sells $88,993.16 in Stock

Key Points

• Rivian Automotive's CFO, Claire Mcdonough, sold 7,247 shares for $88,993.16, reducing her ownership by 0.91% to approximately 789,445 shares, valued at nearly $9.7 million.
• The company's stock price fell by 1.3% to $12.25, with a market cap of $14.86 billion and a negative earnings per share of ($0.97) for the last quarter.
• Analysts have adjusted their price targets for Rivian, with a mix of "buy," "hold," and "sell" ratings, indicating some uncertainty in the stock's future performance.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) CFO Claire Mcdonough sold 7,247 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the completion of the sale, the chief financial officer directly owned 789,445 shares of the company's stock, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Rivian Automotive Stock Down 1.3%

NASDAQ RIVN traded down $0.16 during trading on Tuesday, reaching $12.25. 48,665,049 shares of the company's stock traded hands, compared to its average volume of 33,300,871. Rivian Automotive, Inc. has a 12-month low of $9.50 and a 12-month high of $17.15. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72. The firm has a market cap of $14.86 billion, a price-to-earnings ratio of -3.79 and a beta of 1.80. The company's 50 day simple moving average is $13.13 and its two-hundred day simple moving average is $12.95.

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

Analyst Ratings Changes

RIVN has been the topic of a number of analyst reports. Needham & Company LLC cut their price target on Rivian Automotive from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Wednesday, May 7th. Stifel Nicolaus decreased their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Wedbush lowered their price target on shares of Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a report on Wednesday, August 6th. Finally, Piper Sandler boosted their price objective on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a research note on Thursday, May 22nd. Five research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, Rivian Automotive presently has an average rating of "Hold" and an average target price of $13.69.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently bought and sold shares of RIVN. Vanguard Group Inc. lifted its stake in shares of Rivian Automotive by 2.6% during the second quarter. Vanguard Group Inc. now owns 79,076,202 shares of the electric vehicle automaker's stock worth $1,086,507,000 after buying an additional 1,983,509 shares during the period. Geode Capital Management LLC grew its stake in Rivian Automotive by 4.9% during the 2nd quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker's stock valued at $200,200,000 after purchasing an additional 689,045 shares during the last quarter. Soma Equity Partners LP increased its holdings in shares of Rivian Automotive by 19.9% in the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock valued at $112,865,000 after purchasing an additional 1,407,772 shares during the period. Northern Trust Corp raised its stake in shares of Rivian Automotive by 11.2% in the first quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker's stock worth $100,195,000 after purchasing an additional 809,064 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Rivian Automotive in the second quarter worth about $105,629,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

About Rivian Automotive

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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