Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Sells $844,290.78 in Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, March 24th. The stock was 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 directly owns 853,011 shares in the company, valued at approximately $10,082,590.02. The trade was a 7.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock traded down $0.26 on Wednesday, hitting $12.10. 27,596,532 shares of the company’s stock were exchanged, compared to its average volume of 36,817,456. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock has a market capitalization of $13.68 billion, a PE ratio of -2.56 and a beta of 2.03. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $18.86. The company has a 50-day simple moving average of $12.36 and a 200-day simple moving average of $12.14.

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

Institutional Investors Weigh In On Rivian Automotive

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on RIVN. Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price target for the company. Robert W. Baird reissued a “neutral” rating and issued a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. TD Cowen began coverage on Rivian Automotive in a research note on Friday, March 7th. They issued a “hold” rating and a $12.70 price target on the stock. Guggenheim lowered their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, February 24th. Finally, Cowen began coverage on Rivian Automotive in a research note on Thursday, March 6th. They issued a “hold” rating on the stock. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $14.38.

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.