Robert J. Scaringe Sells 83,334 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $9,712,811.25. This trade represents a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $12.22 on Friday. 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 company has a market capitalization of $12.47 billion, a P/E ratio of -2.18 and a beta of 2.04. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $24.61. The firm has a 50-day moving average price of $10.67 and a two-hundred day moving average price of $12.45.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on RIVN shares. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $14.00 price target on shares of Rivian Automotive in a research report on Tuesday, September 10th. Wolfe Research started coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. Mizuho cut their price target on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Wells Fargo & Company lowered their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. Finally, Truist Financial lowered their price objective on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $15.73.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently made changes to their positions in the company. Quent Capital LLC lifted its holdings in shares of Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 831 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in shares of Rivian Automotive during the 3rd quarter worth approximately $28,000. GHP Investment Advisors Inc. lifted its holdings in shares of Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 1,002 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 2,380 shares during the period. Finally, International Assets Investment Management LLC bought a new stake in shares of Rivian Automotive during the 2nd quarter worth approximately $37,000. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.