Robert J. Scaringe Sells 71,429 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total transaction of $991,434.52. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,983,450.68. The trade was a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $13.65 on Friday. The firm’s fifty day moving average is $11.74 and its two-hundred day moving average is $12.83. The firm has a market cap of $13.93 billion, a price-to-earnings ratio of -2.44 and a beta of 2.12. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $24.30. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently bought and sold shares of the stock. B. Riley Wealth Advisors Inc. boosted its stake in shares of 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 worth $994,000 after acquiring an additional 37,647 shares in the last quarter. Tidal Investments LLC boosted its position in Rivian Automotive by 28.8% during the third quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker’s stock worth $3,018,000 after purchasing an additional 60,205 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Rivian Automotive in the third quarter valued at approximately $28,000. World Investment Advisors LLC increased its position 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 valued at $204,000 after buying an additional 1,446 shares in the last quarter. Finally, Sanctuary Advisors LLC lifted its position in shares of 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 in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on RIVN shares. Mizuho cut their price target on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Truist Financial decreased their price target on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research report on Wednesday, October 16th. Bank of America downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $20.00 to $13.00 in a research report on Friday, November 8th. Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $14.00 price target on shares of Rivian Automotive in a report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target 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.