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 on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $14.21 on Friday. The firm has a market cap of $14.50 billion, a PE ratio of -2.54 and a beta of 2.05. The company’s 50-day moving average price is $12.44 and its two-hundred day moving average price is $13.04. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $19.76.

Institutional Investors Weigh In On Rivian Automotive

A number of large investors have recently bought and sold shares of RIVN. Nordea Investment Management AB boosted its stake in Rivian Automotive by 12.1% in the fourth quarter. Nordea Investment Management AB now owns 63,074 shares of the electric vehicle automaker’s stock worth $901,000 after purchasing an additional 6,817 shares in the last quarter. Everence Capital Management Inc. bought a new position in shares of Rivian Automotive in the fourth quarter valued at about $380,000. GAMMA Investing LLC lifted its position in Rivian Automotive by 82.6% during the 4th quarter. GAMMA Investing LLC now owns 8,893 shares of the electric vehicle automaker’s stock worth $118,000 after buying an additional 4,022 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its holdings in 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 during the last quarter. Finally, Tidal Investments LLC increased its position in Rivian Automotive by 28.8% in the 3rd quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker’s stock valued at $3,018,000 after acquiring an additional 60,205 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on RIVN shares. Benchmark started coverage on Rivian Automotive in a research note on Monday, December 9th. They issued a “buy” rating and a $18.00 price objective on the stock. The Goldman Sachs Group lifted their price target on Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Wedbush reissued an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a research report on Friday, November 8th. Piper Sandler dropped their target price on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. Finally, Stifel Nicolaus reduced their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and an average price target of $15.48.

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.