Insider Selling: Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Sells $975,005.85 in Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,784,877.65. The trade was a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

Rivian Automotive Stock Down 11.2 %

Rivian Automotive stock opened at $13.06 on Thursday. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $24.61. The stock has a fifty day simple moving average of $11.26 and a two-hundred day simple moving average of $12.74. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The firm has a market cap of $13.33 billion, a price-to-earnings ratio of -2.33 and a beta of 2.12.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Truist Financial reduced their price target on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a research report on Wednesday, October 16th. Canaccord Genuity Group reduced their target price on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, October 7th. JPMorgan Chase & Co. decreased their target price on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research report on Tuesday, October 22nd. Wolfe Research assumed coverage on Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. Finally, Wedbush reiterated an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and an average price target of $15.74.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. boosted its holdings in shares of Rivian Automotive by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after acquiring an additional 604 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after purchasing an additional 670 shares during the last quarter. Certuity LLC grew its position in Rivian Automotive by 8.1% in the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock worth $145,000 after purchasing an additional 815 shares during the period. Blue Trust Inc. raised its stake in Rivian Automotive by 39.0% during the 2nd quarter. Blue Trust Inc. now owns 3,230 shares of the electric vehicle automaker’s stock valued at $43,000 after buying an additional 907 shares during the last quarter. Finally, John G Ullman & Associates Inc. lifted its holdings in shares of Rivian Automotive by 9.1% during the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock valued at $135,000 after buying an additional 1,000 shares during the period. 66.25% of the stock is currently owned by institutional investors.

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.