Rivian Automotive (NASDAQ:RIVN) Shares Down 2.3% After Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded down 2.3% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $11.29 and last traded at $11.49. 6,578,103 shares were traded during mid-day trading, a decline of 82% from the average session volume of 37,231,276 shares. The stock had previously closed at $11.77.

Specifically, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the transaction, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $9,596,373.75. This trade represents a 7.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Analysts Set New Price Targets

A number of analysts recently weighed in on RIVN shares. The Goldman Sachs Group decreased their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday. Cowen started coverage on shares of Rivian Automotive in a research note on Thursday, March 6th. They set a “hold” rating for the company. Bank of America cut Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Baird R W downgraded Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Finally, Sanford C. Bernstein started coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price objective on the stock. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $14.25.

Rivian Automotive Trading Up 0.1 %

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $12.97 billion, a price-to-earnings ratio of -2.43 and a beta of 1.89. The business has a 50 day simple moving average of $11.99 and a 200-day simple moving average of $12.05.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. On average, equities analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Institutional Trading of Rivian Automotive

Several institutional investors have recently made changes to their positions in RIVN. Tandem Financial LLC acquired a new position in Rivian Automotive in the fourth quarter valued at $25,000. Bank of Jackson Hole Trust purchased a new position in shares of Rivian Automotive in the 4th quarter worth about $27,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive in the 3rd quarter valued at about $28,000. Orion Capital Management LLC acquired a new position in shares of Rivian Automotive in the 4th quarter valued at about $34,000. Finally, Bear Mountain Capital Inc. grew its holdings in shares of Rivian Automotive by 208.0% during the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock worth $36,000 after purchasing an additional 1,932 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.