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 Rivian Automotive stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $16.03, for a total transaction of $279,723.50. Following the transaction, the chief executive officer directly owned 1,115,209 shares in the company, valued at $17,876,800.27. The trade was a 1.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Rivian Automotive Stock Down 2.3%

Shares of NASDAQ:RIVN opened at $15.95 on Friday. The company has a 50 day moving average price of $18.02 and a two-hundred day moving average price of $15.14. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71. The company has a market capitalization of $19.55 billion, a PE ratio of -5.13 and a beta of 1.77. Rivian Automotive, Inc. has a 52 week low of $10.36 and a 52 week high of $22.69.

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

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the business. Brighton Jones LLC boosted its holdings in Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after purchasing an additional 3,864 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Rivian Automotive by 1.5% during the 1st quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock worth $4,733,000 after buying an additional 5,590 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of Rivian Automotive by 10.1% in the 1st quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock valued at $679,000 after acquiring an additional 4,998 shares in the last quarter. Focus Partners Wealth increased its position in shares of Rivian Automotive by 29.0% in the first quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock valued at $803,000 after acquiring an additional 14,497 shares during the last quarter. Finally, Geneos Wealth Management Inc. raised its holdings in Rivian Automotive by 57.1% during the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock worth $64,000 after acquiring an additional 1,856 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Piper Sandler lifted their price objective on Rivian Automotive from $14.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, January 8th. DA Davidson lifted their price target on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a “neutral” rating in a research note on Tuesday, November 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rivian Automotive in a report on Thursday. Evercore ISI reissued an “outperform” rating on shares of Rivian Automotive in a research report on Monday, December 15th. Finally, Wedbush boosted their price objective on shares of Rivian Automotive from $16.00 to $25.00 and gave the company an “outperform” rating in a research report on Friday, December 19th. Eight equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and eight have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $16.23.

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.