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

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert Scaringe sold 17,450 shares of the stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $21.43, for a total transaction of $373,953.50. Following the completion of the transaction, the chief executive officer owned 1,150,109 shares of the company’s stock, valued at $24,646,835.87. This represents a 1.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Rivian Automotive Stock Down 1.1%

RIVN stock opened at $20.67 on Tuesday. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87. The company’s 50-day moving average price is $16.55 and its 200 day moving average price is $14.52. Rivian Automotive, Inc. has a 52 week low of $10.36 and a 52 week high of $22.69. The company has a market cap of $25.34 billion, a P/E ratio of -6.65 and a beta of 1.79.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.06. The company had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The company’s revenue for the quarter was up 78.3% on a year-over-year basis. During the same period last year, the firm earned ($1.08) EPS. On average, research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of RIVN. Prospera Financial Services Inc lifted its stake in shares of Rivian Automotive by 5.2% during the 3rd quarter. Prospera Financial Services Inc now owns 15,803 shares of the electric vehicle automaker’s stock worth $232,000 after purchasing an additional 775 shares during the period. Siemens Fonds Invest GmbH grew its position in shares of Rivian Automotive by 7.7% in the third quarter. Siemens Fonds Invest GmbH now owns 10,874 shares of the electric vehicle automaker’s stock valued at $160,000 after purchasing an additional 780 shares during the period. Equitable Holdings Inc. increased its stake in Rivian Automotive by 5.8% in the third quarter. Equitable Holdings Inc. now owns 14,699 shares of the electric vehicle automaker’s stock valued at $216,000 after purchasing an additional 803 shares during the last quarter. TD Asset Management Inc lifted its position in Rivian Automotive by 1.2% during the second quarter. TD Asset Management Inc now owns 75,841 shares of the electric vehicle automaker’s stock worth $1,042,000 after buying an additional 870 shares during the period. Finally, First National Trust Co boosted its stake in Rivian Automotive by 5.6% in the 3rd quarter. First National Trust Co now owns 16,900 shares of the electric vehicle automaker’s stock worth $248,000 after buying an additional 900 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on RIVN. Zacks Research upgraded Rivian Automotive from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. DA Davidson raised their target price on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. UBS Group upped their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, October 6th. Baird R W raised shares of Rivian Automotive from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 18th. Finally, Mizuho restated an “underperform” rating and set a $10.00 price objective (down from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, thirteen have assigned a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $15.73.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.