Rivian Automotive (NASDAQ:RIVN) Insider Michael John Callahan Sells 15,000 Shares

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

Rivian Automotive Stock Performance

Rivian Automotive stock opened at $15.23 on Thursday. Rivian Automotive, Inc. has a twelve month low of $12.39 and a twelve month 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 company has a market capitalization of $22.05 billion, a P/E ratio of -5.90 and a beta of 1.62. The stock’s 50 day moving average is $16.26 and its 200 day moving average is $15.91.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.03. 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 during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the previous year, the business earned ($0.97) earnings per share. The firm’s quarterly revenue was up 27.2% compared to the same quarter last year. On average, equities research analysts predict that Rivian Automotive, Inc. will post -2.98 earnings per share for the current fiscal year.

Key Rivian Automotive News

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

• Positive Sentiment: Rivian was highlighted as a beaten-down stock with substantial long-term upside potential. The opportunity depends on successful execution of the R2 program and continued improvement in the company’s financial performance. 2 Beaten-Down Stocks With Massive Upside Potential

Analysts Set New Price Targets

Several analysts recently commented on the stock. Needham & Company LLC reissued a “buy” rating on shares of Rivian Automotive in a research report on Monday, August 10th. Wells Fargo & Company upped their target price on shares of Rivian Automotive from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Friday, July 31st. Cantor Fitzgerald reiterated a “neutral” rating and issued a $19.00 target price on shares of Rivian Automotive in a research note on Tuesday, July 28th. 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 report on Wednesday, July 8th. Finally, Piper Sandler raised shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and raised their price target for the company from $18.00 to $20.00 in a research report on Monday, July 27th. Twelve investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and seven have assigned a Sell rating to the company. According to MarketBeat, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $19.00.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Independent Financial Group LLC bought a new stake in Rivian Automotive during the 1st quarter worth approximately $985,000. Baird Financial Group Inc. lifted its holdings in Rivian Automotive by 163.9% during the second quarter. Baird Financial Group Inc. now owns 289,693 shares of the electric vehicle automaker’s stock valued at $5,026,000 after purchasing an additional 179,913 shares in the last quarter. Swedbank AB boosted its position in shares of Rivian Automotive by 8.6% in the fourth quarter. Swedbank AB now owns 941,304 shares of the electric vehicle automaker’s stock worth $18,553,000 after purchasing an additional 74,322 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in shares of Rivian Automotive by 34.9% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 348,800 shares of the electric vehicle automaker’s stock worth $5,249,000 after purchasing an additional 90,200 shares during the period. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in shares of Rivian Automotive in the fourth quarter worth $4,895,000. 66.25% of the stock is currently owned by 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.