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 the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $11.82, for a total value of $844,290.78. Following the completion of the sale, the chief executive officer now 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $12.10 on Thursday. The stock has a market capitalization of $13.68 billion, a price-to-earnings ratio of -2.56 and a beta of 2.03. The stock has a 50-day moving average of $12.32 and a 200 day moving average of $12.14. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $18.86.

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

Institutional Trading of Rivian Automotive

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

Analyst Upgrades and Downgrades

RIVN has been the subject of several research analyst reports. Barclays increased their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 22nd. Mizuho dropped their price objective on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday, March 17th. Piper Sandler downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and cut their target price for the company from $19.00 to $13.00 in a research report on Thursday, March 20th. Baird R W cut Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $16.00 price objective (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and a consensus target price of $14.38.

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.