Insider Selling: Rivian Automotive (NASDAQ:RIVN) CFO Sells $128,368.00 in Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CFO Claire Mcdonough sold 8,023 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the sale, the chief financial officer owned 819,178 shares of the company’s stock, valued at approximately $13,106,848. The trade was a 0.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, August 18th, Claire Mcdonough sold 13,144 shares of Rivian Automotive stock. The shares were sold at an average price of $14.50, for a total transaction of $190,588.00.
• On Friday, May 29th, Claire Mcdonough sold 8,023 shares of Rivian Automotive stock. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00.

Rivian Automotive Stock Performance

Rivian Automotive stock opened at $16.97 on Monday. The firm has a fifty day simple moving average of $16.48 and a two-hundred day simple moving average of $15.82. The company has a quick ratio of 1.65, a current ratio of 2.10 and a debt-to-equity ratio of 0.87. Rivian Automotive, Inc. has a twelve month low of $12.16 and a twelve month high of $22.69. The company has a market capitalization of $24.57 billion, a PE ratio of -6.58 and a beta of 1.61.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, July 30th. The electric vehicle automaker reported ($0.47) earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same period last year, the firm earned ($0.97) earnings per share. The company’s revenue for the quarter was up 27.2% compared to the same quarter last year. Research analysts expect that Rivian Automotive, Inc. will post -2.98 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on RIVN. Jefferies Financial Group raised their price target on Rivian Automotive from $16.00 to $17.00 and gave the stock a “hold” rating in a research note on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft cut Rivian Automotive from a “buy” rating to an “underperform” rating in a research report on Tuesday, August 4th. UBS Group increased their price objective on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. Benchmark reiterated a “buy” rating and set a $25.00 target price on shares of Rivian Automotive in a research note on Friday, May 1st. Finally, DA Davidson raised their price target on shares of Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Monday, May 11th. Twelve investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and seven have given a Sell rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and a consensus target price of $18.95.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Core Wealth Advisors LLC bought a new stake in Rivian Automotive during the fourth quarter valued at about $27,000. Zions Bancorporation National Association UT bought a new position in shares of Rivian Automotive in the fourth quarter worth about $33,000. Newbridge Financial Services Group Inc. raised its stake in shares of Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 1,000 shares during the period. IFC & Insurance Marketing Inc. purchased a new position in shares of Rivian Automotive during the 4th quarter valued at about $39,000. Finally, Ameriflex Group Inc. purchased a new position in shares of Rivian Automotive during the 4th quarter valued at about $39,000. 66.25% of the stock is currently owned by institutional investors.

About Rivian Automotive

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.