Rivian Automotive (NASDAQ:RIVN) Trading Down 1.5% After Insider Selling

by · The Markets Daily

Shares of Rivian Automotive, Inc. (NASDAQ:RIVNGet Free Report) fell 1.5% during trading on Wednesday following insider selling activity. The stock traded as low as $17.60 and last traded at $17.63. 31,373,101 shares traded hands during trading, a decline of 19% from the average session volume of 38,930,680 shares. The stock had previously closed at $17.90.

Specifically, Director Peter Krawiec sold 3,655 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $19.45, for a total transaction of $71,089.75. Following the sale, the director owned 29,122 shares of the company’s stock, valued at approximately $566,422.90. This trade represents a 11.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 17,450 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $17.53, for a total transaction of $305,898.50. Following the sale, the chief executive officer owned 1,167,559 shares of the company’s stock, valued at $20,467,309.27. This represents a 1.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

Analyst Ratings Changes

RIVN has been the topic of several research analyst reports. Needham & Company LLC lifted their price target on shares of Rivian Automotive from $14.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Tigress Financial raised their price objective on Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, November 14th. Canaccord Genuity Group reissued a “buy” rating on shares of Rivian Automotive in a report on Monday. Morgan Stanley restated an “underweight” rating and set a $12.00 price target on shares of Rivian Automotive in a research note on Monday, December 8th. Finally, The Goldman Sachs Group lifted their price target on Rivian Automotive from $13.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, thirteen have issued a Hold rating and six have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $15.73.

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Rivian Automotive News Roundup

Here are the key news stories impacting Rivian Automotive this week:

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. The company has a 50 day moving average price of $15.59 and a 200 day moving average price of $14.23. The firm has a market cap of $27.52 billion, a PE ratio of -7.22 and a beta of 1.79.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last posted its quarterly earnings data on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.06. The firm had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. Rivian Automotive’s quarterly revenue was up 78.3% on a year-over-year basis. During the same period last year, the firm posted ($1.08) EPS. Sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Assetmark Inc. boosted its holdings in Rivian Automotive by 315.6% in the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 1,357 shares in the last quarter. Banque Transatlantique SA raised its stake in shares of Rivian Automotive by 13,194.1% during the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 2,243 shares in the last quarter. Newbridge Financial Services Group Inc. lifted its holdings in shares of Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 1,000 shares during the period. Mather Group LLC. purchased a new stake in shares of Rivian Automotive in the third quarter valued at approximately $30,000. Finally, Fairman Group LLC purchased a new stake in shares of Rivian Automotive in the second quarter valued at approximately $31,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Company Profile

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Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.

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