Robert J. Scaringe Sells 83,333 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $12,127,675.68. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Rivian Automotive Stock Performance

Shares of RIVN opened at $13.10 on Wednesday. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The stock has a 50-day moving average of $14.80 and a 200-day moving average of $12.30. The company has a market cap of $13.21 billion, a PE ratio of -2.27 and a beta of 2.06. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $24.87.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. On average, equities research analysts predict that Rivian Automotive, Inc. will post -4.92 EPS for the current fiscal year.

Institutional Trading of Rivian Automotive

Large investors have recently made changes to their positions in the company. Royal London Asset Management Ltd. grew its stake in shares of Rivian Automotive by 19.6% in the 2nd quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker’s stock valued at $4,027,000 after buying an additional 49,216 shares during the period. SteelPeak Wealth LLC bought a new position in Rivian Automotive in the 1st quarter valued at about $265,000. Berkshire Capital Holdings Inc. lifted its position in Rivian Automotive by 3,511,500.0% in the 4th quarter. Berkshire Capital Holdings Inc. now owns 351,160 shares of the electric vehicle automaker’s stock valued at $8,238,000 after acquiring an additional 351,150 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new position in Rivian Automotive in the 4th quarter valued at about $6,106,000. Finally, Allianz Asset Management GmbH lifted its position in Rivian Automotive by 9.9% in the 4th quarter. Allianz Asset Management GmbH now owns 3,403,461 shares of the electric vehicle automaker’s stock valued at $79,845,000 after acquiring an additional 306,551 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on RIVN. JPMorgan Chase & Co. increased their price target on Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a research note on Wednesday, June 26th. Cantor Fitzgerald restated an “overweight” rating and issued a $19.00 price objective on shares of Rivian Automotive in a report on Monday. Piper Sandler restated an “overweight” rating and issued a $21.00 price objective on shares of Rivian Automotive in a report on Wednesday, June 26th. Wolfe Research began coverage on Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. Finally, Needham & Company LLC decreased their price objective on Rivian Automotive from $20.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $18.09.

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.