Robert Scaringe Sells 17,450 Shares of Rivian Automotive (NASDAQ:RIVN) Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert Scaringe sold 17,450 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $15.11, for a total transaction of $263,669.50. Following the transaction, the chief executive officer owned 1,185,009 shares of the company’s stock, valued at approximately $17,905,485.99. This represents a 1.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Rivian Automotive Trading Up 4.3%

Shares of NASDAQ RIVN opened at $16.88 on Friday. The company’s fifty day moving average is $14.45 and its 200-day moving average is $13.94. The stock has a market cap of $20.69 billion, a price-to-earnings ratio of -5.43 and a beta of 1.81. Rivian Automotive, Inc. has a twelve month low of $10.36 and a twelve month high of $18.13. The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently bought and sold shares of RIVN. Assetmark Inc. raised its holdings in shares of Rivian Automotive by 315.6% in the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 1,357 shares during the last quarter. Banque Transatlantique SA grew its position in Rivian Automotive by 13,194.1% in the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 2,243 shares in the last quarter. Newbridge Financial Services Group Inc. increased its stake in Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 1,000 shares during the last quarter. Mather Group LLC. bought a new stake in Rivian Automotive during the 3rd quarter worth about $30,000. Finally, Fairman Group LLC bought a new stake in Rivian Automotive during the 2nd quarter worth about $31,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on RIVN shares. Wall Street Zen upgraded Rivian Automotive from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Wedbush cut their price objective on Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, August 6th. Morgan Stanley decreased their price objective on Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 13th. UBS Group raised their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Monday, October 6th. Finally, Mizuho reiterated an “underperform” rating and issued a $10.00 price target (down previously from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. Six analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $14.34.

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.