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

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive 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 owns 853,011 shares in the company, valued at $10,082,590.02. The trade was a 7.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Rivian Automotive Trading Up 7.6 %

RIVN stock opened at $13.02 on Friday. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.86. The company has a market capitalization of $14.72 billion, a PE ratio of -2.76 and a beta of 2.03. The company’s 50-day simple moving average is $12.30 and its 200 day simple moving average is $12.15. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. As a group, sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Wall Street Analyst Weigh In

RIVN has been the subject of several analyst reports. UBS Group raised their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a report on Thursday, January 16th. Mizuho dropped their price objective on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Monday, March 17th. Robert W. Baird reissued a “neutral” rating and issued a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Piper Sandler downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $19.00 to $13.00 in a report on Thursday, March 20th. Finally, TD Cowen started coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They issued a “hold” rating and a $12.70 price target for the company. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $14.38.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC lifted its position in shares of Rivian Automotive by 59.1% during the 3rd quarter. Empowered Funds LLC now owns 18,466 shares of the electric vehicle automaker’s stock valued at $207,000 after acquiring an additional 6,860 shares during the period. Quest Partners LLC raised its stake in Rivian Automotive by 109.0% in the third quarter. Quest Partners LLC now owns 13,945 shares of the electric vehicle automaker’s stock valued at $156,000 after purchasing an additional 7,273 shares in the last quarter. Pathstone Holdings LLC lifted its position in Rivian Automotive by 8.4% during the third quarter. Pathstone Holdings LLC now owns 118,237 shares of the electric vehicle automaker’s stock worth $1,327,000 after purchasing an additional 9,187 shares during the period. Commerce Bank grew its stake in Rivian Automotive by 52.7% during the third quarter. Commerce Bank now owns 62,012 shares of the electric vehicle automaker’s stock worth $696,000 after buying an additional 21,391 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Rivian Automotive in the 3rd quarter valued at about $570,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.