Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.1% After 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)'s stock price fell 2.1% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $11.88 and last traded at $12.00. 8,561,300 shares changed hands 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 the firm's stock in a transaction that occurred 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 in the company, valued at $9,694,384.60. This trade represents a 0.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Analysts Set New Price Targets

Several brokerages have recently commented on RIVN. Wedbush decreased their target price on Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating for the company in a research report on Wednesday, August 6th. JPMorgan Chase & Co. decreased their target price on Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating for the company in a research report on Wednesday, August 6th. Stifel Nicolaus decreased their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Jefferies Financial Group reiterated a "hold" rating and issued a $16.00 target price on shares of Rivian Automotive in a research report on Wednesday, May 14th. Finally, Wall Street Zen lowered Rivian Automotive from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Five investment analysts have rated the stock with a Buy rating, eighteen have assigned 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 price target of $13.69.

Rivian Automotive Stock Down 1.6%

The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44. The firm has a 50 day simple moving average of $13.09 and a two-hundred day simple moving average of $12.94. The stock has a market cap of $14.63 billion, a P/E ratio of -3.73 and a beta of 1.80.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data 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 return on equity of 58.07% and a negative net margin of 68.06%.The firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the prior year, the firm posted ($1.46) EPS. The firm's quarterly revenue was up 12.5% on a year-over-year basis. Equities research 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 modified their holdings of RIVN. Larson Financial Group LLC grew its holdings in shares of Rivian Automotive by 7.4% during the first quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker's stock valued at $131,000 after buying an additional 722 shares in the last quarter. Brown Advisory Inc. grew its holdings in shares of Rivian Automotive by 2.4% during the first quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker's stock valued at $405,000 after buying an additional 772 shares in the last quarter. First National Trust Co grew its holdings in shares of Rivian Automotive by 5.3% during the first quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker's stock valued at $199,000 after buying an additional 800 shares in the last quarter. Dimension Capital Management LLC grew its holdings in shares of Rivian Automotive by 5.5% during the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock valued at $208,000 after buying an additional 819 shares in the last quarter. Finally, Tradition Wealth Management LLC grew its stake in Rivian Automotive by 7.2% in the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock valued at $168,000 after purchasing an additional 849 shares in the last quarter. Institutional investors own 66.25% of the company's stock.

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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