Rivian Automotive (NASDAQ:RIVN) Trading Down 2.3% Following Insider Selling

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded down 2.3% on Thursday following insider selling activity. The stock traded as low as $11.29 and last traded at $11.49. 6,578,103 shares traded hands 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 Rivian Automotive stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now owns 853,011 shares of the company's stock, valued at approximately $9,596,373.75. The trade was a 7.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Ratings Changes

RIVN has been the subject of a number of analyst reports. Bank of America downgraded Rivian Automotive from a "neutral" rating to an "underperform" rating and decreased their price target for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Needham & Company LLC increased their price target on Rivian Automotive from $14.00 to $17.00 and gave the company a "buy" rating in a research note on Friday, February 21st. Mizuho reduced their target price on shares of Rivian Automotive from $11.00 to $10.00 and set a "neutral" rating for the company in a report on Thursday. Guggenheim lowered their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Monday, February 24th. Finally, Cowen started coverage on Rivian Automotive in a research note on Thursday, March 6th. They issued a "hold" rating for the company. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $14.25.

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Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company has a market cap of $13.41 billion, a price-to-earnings ratio of -2.51 and a beta of 1.89. The business has a fifty day moving average price of $11.99 and a 200 day moving average price of $12.06.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.69) by $0.06. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently bought and sold shares of RIVN. Quantinno Capital Management LP bought a new stake in shares of Rivian Automotive during the third quarter worth about $183,000. EP Wealth Advisors LLC acquired a new stake in Rivian Automotive during the 3rd quarter worth approximately $129,000. Orion Portfolio Solutions LLC grew its holdings in Rivian Automotive by 327.5% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 42,747 shares of the electric vehicle automaker's stock worth $480,000 after acquiring an additional 32,747 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its stake in shares of Rivian Automotive by 12.9% during the third quarter. Nomura Asset Management Co. Ltd. now owns 218,673 shares of the electric vehicle automaker's stock valued at $2,454,000 after acquiring an additional 25,000 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Rivian Automotive by 1.8% during the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker's stock valued at $145,550,000 after acquiring an additional 223,860 shares during the last quarter. Institutional investors and hedge funds 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.