Insider Selling: Rivian Automotive (NASDAQ:RIVN) CEO Sells 17,450 Shares of Stock

Key Points

• Robert Scaringe, the CEO of Rivian Automotive, sold 17,450 shares of the company's stock for a total of $244,300, reducing his ownership by 1.31% and retaining approximately 1.3 million shares valued at $18.4 million.
• Rivian's stock recently traded at $14.68, showing a trading volume of nearly 48.6 million shares, and reported a negative net margin of 68.06% in its latest quarterly earnings.
• Analysts have mixed opinions on Rivian, with target prices ranging from as low as $9.00 to as high as $21.00, indicating a consensus rating of “Hold” for the stock.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) CEO Robert J. Scaringe sold 17,450 shares of the business's stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total value of $244,300.00. Following the sale, the chief executive officer owned 1,316,205 shares of the company's stock, valued at $18,426,870. The trade was a 1.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Rivian Automotive Stock Down 2.0%

RIVN traded down $0.30 on Friday, hitting $14.38. 68,611,471 shares of the company's stock were exchanged, compared to its average volume of 49,633,892. The firm has a 50-day moving average price of $13.17 and a 200-day moving average price of $13.13. 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 fifty-two week low of $9.50 and a fifty-two week high of $17.15.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted 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). The business had revenue of $1.30 billion during the quarter, compared to analysts' expectations of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The business's quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the business posted ($1.46) earnings per share. On average, sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Analyst Upgrades and Downgrades

RIVN has been the subject of several analyst reports. Wedbush dropped their target price on Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating for the company in a report on Wednesday, August 6th. Morgan Stanley dropped their price target on shares of Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 13th. Canaccord Genuity Group lowered their target price on shares of Rivian Automotive from $23.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Needham & Company LLC reissued a "buy" rating and set a $14.00 target price on shares of Rivian Automotive in a research note on Monday, August 25th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating for the company in a report on Wednesday, August 6th. Five research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $13.67.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in RIVN. Vanguard Group Inc. increased its position in Rivian Automotive by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 79,076,202 shares of the electric vehicle automaker's stock worth $1,086,507,000 after purchasing an additional 1,983,509 shares during the period. Geode Capital Management LLC boosted 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. Northern Trust Corp grew its holdings in Rivian Automotive by 11.2% during the first quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker's stock worth $100,195,000 after acquiring an additional 809,064 shares during the period. Norges Bank purchased a new position in Rivian Automotive in the second quarter worth $105,629,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Rivian Automotive by 15.8% in the second quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker's stock valued at $80,376,000 after acquiring an additional 799,030 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.