Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price traded down 4.1% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $13.28 and last traded at $13.36. 12,994,327 shares traded hands during trading, a decline of 60% from the average session volume of 32,333,453 shares. The stock had previously closed at $13.93.
Specifically, CFO Claire Mcdonough sold 6,856 shares of the company's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the sale, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on the stock. Guggenheim cut their target price on shares of Rivian Automotive from $21.00 to $18.00 and set a "buy" rating on the stock in a research note on Wednesday, November 6th. The Goldman Sachs Group increased their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a "neutral" rating in a research note on Thursday, November 14th. Piper Sandler dropped their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating on the stock in a research note on Friday, November 8th. Mizuho increased their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a research note on Friday. Finally, UBS Group increased their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a "neutral" rating in a research note on Thursday, January 16th. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $15.50.
Get Our Latest Report on RIVN
Rivian Automotive Stock Down 4.7 %
The firm's fifty day moving average price is $13.59 and its 200-day moving average price is $12.54. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The firm has a market capitalization of $13.24 billion, a P/E ratio of -2.32 and a beta of 2.04.
Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative net margin of 121.38% and a negative return on equity of 72.78%. As a group, equities research analysts forecast that Rivian Automotive, Inc. will post -4.7 earnings per share for the current year.
Institutional Trading of Rivian Automotive
A number of large investors have recently added to or reduced their stakes in the business. Parr Mcknight Wealth Management Group LLC bought a new stake in Rivian Automotive during the fourth quarter worth approximately $206,000. Neo Ivy Capital Management boosted its holdings in Rivian Automotive by 23.8% during the fourth quarter. Neo Ivy Capital Management now owns 157,704 shares of the electric vehicle automaker's stock worth $2,097,000 after buying an additional 30,300 shares in the last quarter. Orion Capital Management LLC bought a new stake in Rivian Automotive during the fourth quarter worth approximately $34,000. Elequin Capital LP bought a new stake in Rivian Automotive during the fourth quarter worth approximately $49,000. Finally, Valueworks LLC boosted its holdings in Rivian Automotive by 17.1% during the fourth quarter. Valueworks LLC now owns 1,238,315 shares of the electric vehicle automaker's stock worth $16,470,000 after buying an additional 180,860 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.
Rivian Automotive Company Profile
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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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