Rivian Automotive (NASDAQ:RIVN) Trading Down 4.1% After Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares 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 stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Stifel Nicolaus cut their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research report on Monday, November 11th. Truist Financial upped their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a research report on Thursday, January 16th. Sanford C. Bernstein assumed coverage on Rivian Automotive in a report on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 price target on the stock. Bank of America lowered Rivian Automotive from a "buy" rating to a "neutral" rating and dropped their target price for the company from $20.00 to $13.00 in a report on Friday, November 8th. Finally, Robert W. Baird reissued a "neutral" rating and issued a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $15.09.

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Rivian Automotive Stock Performance

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 company has a 50 day simple moving average of $13.56 and a 200-day simple moving average of $12.51. The stock has a market cap of $13.24 billion, a P/E ratio of -2.75 and a beta of 2.04.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly 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 return on equity of 66.26% and a negative net margin of 95.51%. The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. On average, equities analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Tandem Financial LLC purchased a new position in shares of Rivian Automotive in the fourth quarter worth about $25,000. Bank of Jackson Hole Trust purchased a new position in shares of Rivian Automotive in the fourth quarter worth about $27,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Rivian Automotive in the third quarter worth about $28,000. Orion Capital Management LLC purchased a new position in shares of Rivian Automotive in the fourth quarter worth about $34,000. Finally, GHP Investment Advisors Inc. increased its holdings in shares of Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker's stock worth $29,000 after buying an additional 1,002 shares during the period. Hedge funds and other institutional investors own 66.25% of the company's stock.

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.