Rivian Automotive (NASDAQ:RIVN) Shares Down 4.1% on Insider Selling

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) dropped 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. Approximately 12,994,327 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 32,333,453 shares. The stock had previously closed at $13.93.

Specifically, CFO Claire Mcdonough sold 6,856 shares of the firm'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 completion of the sale, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

RIVN has been the subject of several research reports. Benchmark initiated coverage on shares of Rivian Automotive in a research report on Monday, December 9th. They issued a "buy" rating and a $18.00 price objective for the company. Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 price objective for the company. UBS Group raised their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a "neutral" rating in a research report on Thursday, January 16th. Robert W. Baird reiterated a "neutral" rating and set a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Finally, Wells Fargo & Company lifted their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Friday. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $15.50.

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 stock's 50 day simple moving average is $13.59 and its two-hundred day simple moving average is $12.54. The stock has a market cap 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 announced its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 121.38% and a negative return on equity of 72.78%. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. As a group, research analysts forecast that Rivian Automotive, Inc. will post -4.7 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of RIVN. Tandem Financial LLC bought a new stake in shares of Rivian Automotive in the fourth quarter worth $25,000. Bank of Jackson Hole Trust bought a new stake in shares of Rivian Automotive in the fourth quarter worth $27,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Rivian Automotive in the third quarter worth $28,000. Orion Capital Management LLC bought a new stake in shares of Rivian Automotive in the fourth quarter worth $34,000. Finally, GHP Investment Advisors Inc. lifted its position 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 purchasing an additional 1,002 shares in the last quarter. 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.