Robert J. Scaringe Sells 71,429 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $11.82, for a total transaction of $844,290.78. Following the completion of the sale, the chief executive officer now directly owns 853,011 shares of the company’s stock, valued at approximately $10,082,590.02. This trade represents a 7.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $13.02 on Friday. The business’s 50-day simple moving average is $12.30 and its 200 day simple moving average is $12.15. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock has a market cap of $14.72 billion, a price-to-earnings ratio of -2.76 and a beta of 2.03. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. As a group, research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on RIVN. UBS Group increased their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Thursday, January 16th. Bank of America lowered Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $13.00 to $10.00 in a report on Monday, February 24th. Barclays upped their target price on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 22nd. Needham & Company LLC lifted their price target on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Finally, Piper Sandler cut shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $19.00 to $13.00 in a research note on Thursday, March 20th. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and an average target price of $14.38.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently modified their holdings of the business. Dimension Capital Management LLC boosted its holdings in shares of Rivian Automotive by 5.5% in the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock valued at $208,000 after buying an additional 819 shares during the period. Tradition Wealth Management LLC boosted its stake in Rivian Automotive by 7.2% in the 4th quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock worth $168,000 after purchasing an additional 849 shares during the period. RFG Holdings Inc. increased its holdings in Rivian Automotive by 5.2% during the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock worth $296,000 after purchasing an additional 1,096 shares in the last quarter. Oppenheimer & Co. Inc. raised its stake in shares of Rivian Automotive by 4.6% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock valued at $354,000 after purchasing an additional 1,160 shares during the period. Finally, Freestone Capital Holdings LLC lifted its holdings in shares of Rivian Automotive by 4.1% in the fourth quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker’s stock valued at $390,000 after purchasing an additional 1,164 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

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.