Insider Selling: Rivian Automotive (NASDAQ:RIVN) CFO Sells 13,144 Shares of Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CFO Claire Mcdonough sold 13,144 shares of the company’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total transaction of $190,588.00. Following the transaction, the chief financial officer owned 827,201 shares in the company, valued at $11,994,414.50. The trade was a 1.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Claire Mcdonough also recently made the following trade(s):

• On Friday, May 29th, Claire Mcdonough sold 8,023 shares of Rivian Automotive stock. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN traded down $0.09 during trading on Tuesday, hitting $14.78. 22,619,339 shares of the stock were exchanged, compared to its average volume of 30,824,910. The company has a fifty day moving average price of $16.47 and a two-hundred day moving average price of $15.80. The company has a market cap of $21.40 billion, a PE ratio of -5.73 and a beta of 1.61. The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87. Rivian Automotive, Inc. has a 12-month low of $11.84 and a 12-month high of $22.69.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.47) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.19. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The business had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the prior year, the firm posted ($0.97) EPS. The company’s revenue was up 27.2% compared to the same quarter last year. On average, analysts forecast that Rivian Automotive, Inc. will post -2.98 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on RIVN. DA Davidson raised their price target on Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Jefferies Financial Group boosted their price objective on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a “hold” rating in a research report on Tuesday, July 7th. Benchmark reissued a “buy” rating and issued a $25.00 price objective on shares of Rivian Automotive in a research note on Friday, May 1st. Wells Fargo & Company raised their target price on shares of Rivian Automotive from $15.00 to $16.00 and gave the company an “equal weight” rating in a report on Friday, July 31st. Finally, Royal Bank Of Canada lifted their target price on shares of Rivian Automotive from $14.00 to $16.00 and gave the stock a “sector perform” rating in a research report on Friday, July 31st. Twelve research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $18.95.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently bought and sold shares of the company. Public Employees Retirement System of Ohio acquired a new position in Rivian Automotive in the 2nd quarter valued at $4,189,000. Ancora Advisors LLC acquired a new stake in shares of Rivian Automotive during the second quarter worth $44,000. Capital Square LLC purchased a new stake in shares of Rivian Automotive in the second quarter valued at $176,000. Longitude Cayman Ltd. purchased a new stake in shares of Rivian Automotive in the second quarter valued at $607,000. Finally, Great Lakes Advisors LLC acquired a new position in Rivian Automotive in the second quarter valued at $282,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.