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 firm’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $16.00, for a total value of $128,368.00. Following the completion of the transaction, the chief financial officer owned 819,178 shares of the company’s stock, valued at approximately $13,106,848. This represents a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 stock was sold at an average price of $14.50, for a total value of $190,588.00.
• 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 value of $128,368.00.

Rivian Automotive Stock Up 6.0%

Shares of NASDAQ RIVN traded up $0.96 during trading hours on Friday, hitting $16.97. The company had a trading volume of 35,243,335 shares, compared to its average volume of 22,957,556. Rivian Automotive, Inc. has a 1-year low of $12.16 and a 1-year high of $22.69. The company has a quick ratio of 1.65, a current ratio of 2.10 and a debt-to-equity ratio of 0.87. The firm’s 50 day moving average is $16.48 and its 200-day moving average is $15.81. The stock has a market capitalization of $24.57 billion, a P/E ratio of -6.58 and a beta of 1.61.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RIVN. Newbridge Financial Services Group Inc. boosted its holdings in shares of Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 1,000 shares during the period. Core Wealth Advisors LLC acquired a new stake in Rivian Automotive during the 4th quarter worth approximately $27,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Rivian Automotive during the 3rd quarter worth approximately $31,000. Zions Bancorporation National Association UT bought a new stake in Rivian Automotive in the 4th quarter valued at $33,000. Finally, Oslo Pensjonsforsikring AS bought a new stake in Rivian Automotive in the 1st quarter valued at $39,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Analysts Set New Price Targets

RIVN has been the subject of a number of research analyst reports. Needham & Company LLC reiterated a “buy” rating on shares of Rivian Automotive in a report on Monday, August 10th. Royal Bank Of Canada upped their price objective on Rivian Automotive from $14.00 to $16.00 and gave the company a “sector perform” rating in a research note on Friday, July 31st. Deutsche Bank Aktiengesellschaft cut Rivian Automotive from a “buy” rating to an “underperform” rating in a research report on Tuesday, August 4th. TD Cowen boosted their target price on Rivian Automotive from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Finally, Benchmark restated a “buy” rating and issued a $25.00 price target on shares of Rivian Automotive in a research note on Friday, May 1st. Twelve equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and seven have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and an average price target of $18.95.

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.