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

Rivian Automotive, Inc. (NASDAQ:RIVN) gapped down prior to trading on Wednesday following insider selling activity. The stock had previously closed at $17.50, but opened at $16.85. Rivian Automotive shares last traded at $16.58, with a volume of 4,410,290 shares.

Specifically, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $17.02, for a total value of $1,215,721.58. Following the transaction, the chief executive officer now owns 909,691 shares in the company, valued at $15,482,940.82. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $17.02, for a total value of $1,215,721.58. Following the transaction, the chief executive officer now owns 909,691 shares in the company, valued at $15,482,940.82. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $16,374,438. The disclosure for this sale can be found here. Insiders sold a total of 485,716 shares of company stock valued at $7,509,309 over the last quarter. 2.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on RIVN shares. JPMorgan Chase & Co. lifted their target price on Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a research report on Wednesday, June 26th. Guggenheim initiated coverage on Rivian Automotive in a report on Tuesday, June 25th. They set a “buy” rating and a $18.00 price target on the stock. Royal Bank of Canada upped their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a “sector perform” rating in a research note on Monday, July 1st. Canaccord Genuity Group upped their price objective on Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, July 1st. Finally, DA Davidson upped their price objective on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, June 28th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.79.

Rivian Automotive Price Performance

The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. The firm’s 50-day moving average price is $13.03 and its 200 day moving average price is $12.71.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing the consensus estimate of ($1.38) by ($0.03). The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. On average, sell-side analysts expect that Rivian Automotive, Inc. will post -4.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently modified their holdings of RIVN. Price T Rowe Associates Inc. MD lifted its holdings in shares of Rivian Automotive by 35.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after purchasing an additional 25,550,489 shares in the last quarter. Baillie Gifford & Co. lifted its holdings in shares of Rivian Automotive by 714.3% in the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock worth $277,046,000 after purchasing an additional 22,194,018 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Rivian Automotive by 1,521.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock worth $69,291,000 after purchasing an additional 5,937,605 shares in the last quarter. Norges Bank bought a new position in shares of Rivian Automotive in the 4th quarter worth $129,427,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Rivian Automotive by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after purchasing an additional 4,467,881 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

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.