The stock price of Rivian Automotive, Inc. (NASDAQ:RIVN) saw a decrease of 0.6% on Thursday following a significant sale of company shares by an insider. Trading volume also experienced a notable decline, with only 6,553,151 shares traded compared to the average of 40,547,945. The stock reached a low of $11.58 and closed at $11.73.
The individual responsible for the sell-off was identified as CEO Robert J. Scaringe, who sold 71,429 shares at an average price of $11.49, resulting in a total value of $820,719.21. Despite this transaction, the CEO still maintains ownership of 909,691 shares, with a value of $10,452,349.59. This sale was disclosed to the Securities & Exchange Commission and is accessible on their official website. Company insiders currently hold 2.30% of the company’s stock.
The opinions of several financial analysts have been shared regarding Rivian Automotive, including a price target adjustment by Cantor Fitzgerald from $23.00 to $15.00, while maintaining an “overweight” rating. Jefferies Financial Group has initiated coverage with a “buy” rating and a $16.00 price target. Additionally, UBS Group upgraded Rivian Automotive from “sell” to “neutral” and set a target price of $9.00. Overall, there is a consensus rating of “Moderate Buy” for Rivian Automotive, with an average price target of $19.00 according to MarketBeat.
Rivian Automotive’s performance is notable with a 50-day moving average of $10.15 and a 200-day moving average of $13.98. The company currently holds a market capitalization of $11.06 billion, a PE ratio of -1.93, and a beta of 2.01. In addition, Rivian Automotive reported an EPS of ($1.41) for the last quarter, with a negative net margin of 111.09% and a negative return on equity of 53.55%. The company’s revenue for the quarter was $1.20 billion, surpassing analysts’ expectations of $1.15 billion.
Major institutional investors have made significant adjustments to their stakes in Rivian Automotive. Price T Rowe Associates Inc. MD and Vanguard Group Inc. have both increased their stakes, with MD now holding 97,071,739 shares and Vanguard Group holding 69,539,602 shares. Institutions such as Baillie Gifford & Co., Morgan Stanley, and Mirae Asset Global Investments Co. Ltd. have also made notable changes to their stakes. In total, 66.25% of Rivian Automotive’s stock is held by institutional investors and hedge funds.
Rivian Automotive, Inc. specializes in the design, development, manufacturing, and sale of electric vehicles and accessories, offering consumer vehicles such as a pickup truck under the R1T brand and a sport utility vehicle under the R1S name.
In summary, the recent stock performance and insider selling activity of Rivian Automotive have garnered attention from financial analysts and investors. The future trajectory of the company’s stock will be of great interest as it continues to navigate through volatile market conditions.