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 business’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $13.88, for a total value 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 represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN traded down $0.02 during trading on Thursday, reaching $14.04. The company had a trading volume of 18,963,520 shares, compared to its average volume of 39,798,762. The company has a fifty day moving average of $11.66 and a two-hundred day moving average of $12.82. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $24.30. 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 stock has a market capitalization of $14.33 billion, a P/E ratio of -2.51 and a beta of 2.12.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. B. Riley Wealth Advisors Inc. boosted its position in Rivian Automotive by 72.2% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 89,764 shares of the electric vehicle automaker’s stock valued at $994,000 after acquiring an additional 37,647 shares in the last quarter. Tidal Investments LLC raised its holdings in Rivian Automotive by 28.8% in the 3rd quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker’s stock worth $3,018,000 after acquiring an additional 60,205 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Rivian Automotive during the third quarter valued at $28,000. World Investment Advisors LLC grew its stake in shares of Rivian Automotive by 8.6% in the third quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock worth $204,000 after acquiring an additional 1,446 shares during the period. Finally, Sanctuary Advisors LLC raised its stake in Rivian Automotive by 9.0% during the 3rd quarter. Sanctuary Advisors LLC now owns 44,675 shares of the electric vehicle automaker’s stock valued at $457,000 after buying an additional 3,681 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Benchmark initiated coverage on Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 target price on the stock. Truist Financial cut their price target on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research note on Wednesday, October 16th. Wolfe Research assumed coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. The Goldman Sachs Group lifted their price target on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Finally, Royal Bank of Canada lowered their target price on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. One 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. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $15.74.

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.