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 company’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $13.88, for a total transaction of $991,434.52. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,983,450.68. This trade represents a 7.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Rivian Automotive Price Performance

RIVN opened at $13.65 on Friday. The stock’s 50-day moving average price is $11.74 and its 200 day moving average price is $12.83. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $24.30. The firm has a market cap of $13.93 billion, a price-to-earnings ratio of -2.44 and a beta of 2.12. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on RIVN shares. Wolfe Research began coverage on Rivian Automotive in a research report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Needham & Company LLC decreased their price target on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Truist Financial dropped their price objective on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research note on Wednesday, October 16th. Canaccord Genuity Group decreased their target price on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Finally, Guggenheim dropped their price target on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $15.74.

Institutional Trading of Rivian Automotive

Several hedge funds have recently made changes to their positions in RIVN. Raymond James & Associates boosted its position in Rivian Automotive by 11.1% in the 2nd quarter. Raymond James & Associates now owns 152,748 shares of the electric vehicle automaker’s stock valued at $2,050,000 after buying an additional 15,252 shares during the period. Bank of New York Mellon Corp raised its position in Rivian Automotive by 53.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock valued at $39,889,000 after purchasing an additional 1,039,758 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its position in Rivian Automotive by 6.6% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 99,378 shares of the electric vehicle automaker’s stock valued at $1,334,000 after purchasing an additional 6,132 shares in the last quarter. HB Wealth Management LLC boosted its stake in shares of Rivian Automotive by 67.3% in the 2nd quarter. HB Wealth Management LLC now owns 21,119 shares of the electric vehicle automaker’s stock valued at $283,000 after buying an additional 8,493 shares during the period. Finally, Panagora Asset Management Inc. increased its stake in shares of Rivian Automotive by 13.2% during the second quarter. Panagora Asset Management Inc. now owns 31,283 shares of the electric vehicle automaker’s stock worth $420,000 after buying an additional 3,637 shares during the period. Institutional investors and hedge funds 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.