Insider Selling: Rivian Automotive (NASDAQ:RIVN) CFO Sells 7,247 Shares of 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 on Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the sale, the chief financial officer owned 789,445 shares in the company, valued at $9,694,384.60. This represents a 0.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN traded up $0.97 on Friday, hitting $13.09. The company had a trading volume of 64,499,481 shares, compared to its average volume of 42,008,228. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. Rivian Automotive, Inc. has a 52-week low of $9.50 and a 52-week high of $17.15. The business has a 50 day moving average of $13.01 and a 200 day moving average of $12.94. The company has a market cap of $15.88 billion, a PE ratio of -4.05 and a beta of 1.80.

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

Hedge Funds Weigh In On Rivian Automotive

Large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Rivian Automotive by 2.6% in the second quarter. Vanguard Group Inc. now owns 79,076,202 shares of the electric vehicle automaker's stock valued at $1,086,507,000 after buying an additional 1,983,509 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Rivian Automotive by 4.9% in the second quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker's stock valued at $200,200,000 after buying an additional 689,045 shares in the last quarter. Soma Equity Partners LP grew its stake 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 buying an additional 1,407,772 shares in the last quarter. Northern Trust Corp grew 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 valued at $100,195,000 after buying an additional 809,064 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Rivian Automotive in the second quarter valued at about $105,629,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Cantor Fitzgerald reiterated a "neutral" rating and set a $15.00 target price on shares of Rivian Automotive in a research report on Wednesday, May 7th. Guggenheim downgraded Rivian Automotive from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Wall Street Zen downgraded Rivian Automotive from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Morgan Stanley reduced 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. Finally, Needham & Company LLC cut their price objective on Rivian Automotive from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Five investment analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $13.69.

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.