Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Sells $969,996.12 in Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Rivian Automotive Stock Up 3.8 %

NASDAQ:RIVN opened at $11.60 on Friday. The company’s 50-day simple moving average is $13.91 and its 200-day simple moving average is $12.31. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $24.87. The stock has a market capitalization of $11.70 billion, a P/E ratio of -2.01 and a beta of 2.06.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. On average, equities analysts anticipate that Rivian Automotive, Inc. will post -4.8 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Piper Sandler reiterated an “overweight” rating and issued a $21.00 target price on shares of Rivian Automotive in a report on Wednesday, June 26th. Wedbush reissued an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a research note on Wednesday, August 7th. Guggenheim began coverage on shares of Rivian Automotive in a research note on Tuesday, June 25th. They set a “buy” rating and a $18.00 price target for the company. Barclays increased their price objective on shares of Rivian Automotive from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 16th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $14.00 target price on shares of Rivian Automotive in a research report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $17.91.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RIVN. Assenagon Asset Management S.A. grew its stake in shares of Rivian Automotive by 1.7% during the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock worth $492,000 after acquiring an additional 604 shares during the last quarter. First Horizon Advisors Inc. grew its position in Rivian Automotive by 30.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after purchasing an additional 670 shares during the last quarter. Laidlaw Wealth Management LLC increased its stake in Rivian Automotive by 7.5% during the 4th quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock valued at $241,000 after purchasing an additional 718 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Rivian Automotive by 28.0% in the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock worth $47,000 after buying an additional 760 shares during the last quarter. Finally, Certuity LLC lifted its stake in shares of Rivian Automotive by 8.1% during the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock worth $145,000 after buying an additional 815 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.