Insider Selling: Rivian Automotive (NASDAQ:RIVN) Insider Sells $244,350.00 in Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) insider Michael John Callahan sold 15,000 shares of the company’s stock in a transaction on Friday, September 11th. The stock was sold at an average price of $16.29, for a total transaction of $244,350.00. Following the completion of the transaction, the insider owned 1,016,776 shares of the company’s stock, valued at $16,563,281.04. This trade represents a 1.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rivian Automotive Stock Down 2.7%

RIVN opened at $14.99 on Friday. The business’s fifty day simple moving average is $16.16 and its 200 day simple moving average is $15.90. Rivian Automotive, Inc. has a 52 week low of $12.39 and a 52 week 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 stock has a market cap of $21.70 billion, a PE ratio of -5.81 and a beta of 1.62.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.66) by $0.03. The firm had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.52 billion. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The company’s revenue was up 27.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.97) earnings per share. As a group, research analysts expect that Rivian Automotive, Inc. will post -2.98 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on RIVN. BNP Paribas Exane increased their price target on shares of Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. Citigroup assumed coverage on shares of Rivian Automotive in a report on Monday, September 14th. They issued a “hold” rating and a $18.00 price objective for the company. Wells Fargo & Company upped their price objective on shares of Rivian Automotive from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Friday, July 31st. Wall Street Zen raised shares of Rivian Automotive from a “sell” rating to a “hold” rating in a report on Saturday. Finally, UBS Group lifted their target price on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Twelve investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $19.00.

Rivian Automotive News Summary

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: Rivian continues to attract bullish attention because of its cash position, improving gross profitability and lack of recent shareholder dilution. Investors see potential upside if the company executes successfully on its R2 vehicle program. The 3 Charts That Show Rivian Could Soar
• Positive Sentiment: Rivian rose alongside Lucid during renewed enthusiasm for electric-vehicle and autonomous-driving opportunities after Lucid announced a major European robotaxi agreement. Although the deal was for Lucid, it supported broader sector sentiment and highlighted potential future demand for EV technology. Lucid and Rivian EV Sector News
• Neutral Sentiment: Rivian will participate in Evercore’s ADAS, AV & AI Forum on September 29. The presentation could provide updates on autonomy, artificial intelligence and advanced driver-assistance technology, but no new financial or operational targets were announced. Rivian to Participate in Evercore ADAS, AV and AI Forum
• Negative Sentiment: Michael John Callahan sold 15,000 Rivian shares for approximately $244,350. The sale reduced his holdings by 1.45% and was conducted under a pre-arranged Rule 10b5-1 plan, which makes it less indicative of a discretionary bearish view but still creates short-term selling pressure. Michael John Callahan Sells Rivian Shares
• Negative Sentiment: RIVN decreased even as the broader market gained, indicating that the insider transaction and ongoing concerns about Rivian’s losses may be outweighing its growth prospects in the near term. The company remains unprofitable, with analysts expecting a full-year loss.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently bought and sold shares of RIVN. Reynders McVeigh Capital Management LLC lifted its position in Rivian Automotive by 6.8% in the second quarter. Reynders McVeigh Capital Management LLC now owns 15,767 shares of the electric vehicle automaker’s stock valued at $274,000 after purchasing an additional 1,000 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of Rivian Automotive by 2.3% in the second quarter. Tidal Investments LLC now owns 292,956 shares of the electric vehicle automaker’s stock worth $5,083,000 after purchasing an additional 6,566 shares during the last quarter. MCF Advisors LLC increased its stake in shares of Rivian Automotive by 3,500.0% in the second quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker’s stock worth $31,000 after buying an additional 1,750 shares during the period. National Pension Service bought a new stake in Rivian Automotive during the 2nd quarter valued at $790,000. Finally, Integrated Wealth Concepts LLC raised its holdings in Rivian Automotive by 21.4% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 33,437 shares of the electric vehicle automaker’s stock valued at $580,000 after buying an additional 5,896 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Company Profile

Rivian Automotive, Inc designs, develops and manufactures electric vehicles and related technology. Its consumer vehicle lineup includes the R1T electric pickup truck and R1S electric SUV, which are designed for on-road and off-road use. The company also develops charging solutions, vehicle software and connected services intended to support the ownership and operation of its electric vehicles.

Rivian produces electric commercial vans for delivery and fleet applications, including vehicles developed through its relationship with Amazon.