Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.1% Following Insider Selling

Key Points

• Rivian's stock price declined by 2.1% following an insider sell-off, with CFO Claire Mcdonough selling 7,247 shares at an average price of $12.28.
• Recent analyst ratings have seen target prices for Rivian decreased, with Wedbush and Stifel Nicolaus lowering their targets to $16.00, while JPMorgan cut theirs to $9.00.
• Rivian Automotive reported a loss of ($0.97) EPS for the latest quarter, which was below analysts' expectations, although they achieved a year-over-year revenue increase of 12.5% to $1.30 billion.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares traded down 2.1% on Wednesday following insider selling activity. The stock traded as low as $11.88 and last traded at $12.00. 8,561,300 shares were traded during mid-day trading, a decline of 74% from the average session volume of 33,120,371 shares. The stock had previously closed at $12.25.

Specifically, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive 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 transaction, the chief financial officer owned 789,445 shares of the company's stock, valued at approximately $9,694,384.60. The trade was a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Morgan Stanley lowered their price target 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. Stifel Nicolaus lowered their price target on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Wall Street Zen downgraded Rivian Automotive from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Canaccord Genuity Group lowered their price target on Rivian Automotive from $23.00 to $21.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Finally, Cantor Fitzgerald reiterated a "neutral" rating and set a $15.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 7th. Five equities research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $13.69.

Rivian Automotive Price Performance

The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. The company has a market cap of $15.88 billion, a PE ratio of -4.05 and a beta of 1.80. The stock has a 50-day simple moving average of $13.01 and a 200 day simple moving average of $12.94.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing analysts' consensus estimates 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 business 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 firm earned ($1.46) EPS. Rivian Automotive's revenue for the quarter was up 12.5% compared to the same quarter last year. Equities analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Assetmark Inc. grew its stake in shares of Rivian Automotive by 315.6% in the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker's stock valued at $25,000 after buying an additional 1,357 shares in the last quarter. Newbridge Financial Services Group Inc. grew its stake in shares of Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker's stock valued at $26,000 after buying an additional 1,000 shares in the last quarter. PFS Partners LLC grew its stake in shares of Rivian Automotive by 1,882.0% in the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock valued at $25,000 after buying an additional 1,882 shares in the last quarter. Fairman Group LLC acquired a new stake in shares of Rivian Automotive in the second quarter valued at $31,000. Finally, Banque Transatlantique SA grew its stake in shares of Rivian Automotive by 13,194.1% in the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock valued at $26,000 after buying an additional 2,243 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company's stock.

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.