Rivian Automotive (NASDAQ:RIVN) Trading Down 1.4% Following Insider Selling

Key Points

• Rivian Automotive's shares fell 1.4% to $12.24 with trading volumes significantly lower than average, suggesting a potential decrease in investor interest.
• Recent analyst ratings have varied, with Wells Fargo lowering its price target while Piper Sandler increased theirs, reflecting differing confidence in the company's future performance.
• The company's latest quarterly earnings report showed a larger-than-expected loss per share at ($0.97), despite revenue exceeding estimates and a year-over-year increase.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price traded down 1.4% during trading on Tuesday following insider selling activity. The stock traded as low as $12.21 and last traded at $12.24. 9,787,480 shares changed hands during trading, a decline of 70% from the average session volume of 33,029,875 shares. The stock had previously closed at $12.41.

Specifically, CFO Claire Mcdonough sold 7,247 shares of the firm's stock in a transaction on 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 owned 789,445 shares of the company's stock, valued at $9,694,384.60. This trade represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Stifel Nicolaus decreased their price target on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Mizuho upped their target price on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Needham & Company LLC lowered their target price on shares of Rivian Automotive from $16.00 to $14.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Wall Street Zen cut shares of Rivian Automotive from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Finally, Piper Sandler upped their price objective on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a report on Thursday, May 22nd. Five investment analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of "Hold" and an average target price of $13.69.

Rivian Automotive Trading Up 8.0%

The firm has a market cap of $15.88 billion, a price-to-earnings ratio of -4.05 and a beta of 1.80. 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 company's 50 day simple moving average is $13.01 and its 200 day simple moving average is $12.94.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its 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). Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period in the previous year, the firm earned ($1.46) earnings per share. The company's revenue for the quarter was up 12.5% compared to the same quarter last year. As a group, research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently made changes to their positions in RIVN. Vanguard Group Inc. raised its holdings in 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 acquiring an additional 1,983,509 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Rivian Automotive by 4.9% in 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 raised its holdings in shares of Rivian Automotive by 19.9% in the 4th 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 in the last quarter. Northern Trust Corp lifted its position in shares of Rivian Automotive by 11.2% during the 1st 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 acquired a new position in shares of Rivian Automotive during the second quarter worth $105,629,000. 66.25% of the stock is owned by institutional investors and hedge funds.

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.