Rivian Automotive (NASDAQ:RIVN) CEO Robert Scaringe Sells 34,818 Shares

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert Scaringe sold 34,818 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the transaction, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at $13,834,290. This trade represents a 3.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rivian Automotive Stock Up 7.2%

RIVN opened at $16.30 on Friday. The firm has a 50-day simple moving average of $15.28 and a two-hundred day simple moving average of $16.30. Rivian Automotive, Inc. has a 52 week low of $11.57 and a 52 week high of $22.69. The company has a market capitalization of $20.23 billion, a PE ratio of -5.58 and a beta of 1.64. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00.

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of research reports. Stifel Nicolaus boosted their target price on shares of Rivian Automotive from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, February 17th. BNP Paribas Exane restated an “outperform” rating and issued a $22.00 target price (down from $23.00) on shares of Rivian Automotive in a report on Friday, May 1st. Wedbush restated an “outperform” rating and issued a $25.00 target price on shares of Rivian Automotive in a report on Friday, February 13th. Canaccord Genuity Group restated a “buy” rating and issued a $22.00 target price on shares of Rivian Automotive in a report on Monday, April 6th. Finally, UBS Group upgraded shares of Rivian Automotive from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $15.00 to $16.00 in a report on Friday, February 13th. Twelve analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and an average price target of $18.57.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently modified their holdings of the stock. Western Wealth Management LLC purchased a new position in shares of Rivian Automotive during the first quarter worth approximately $179,000. Edgestream Partners L.P. increased its position in shares of Rivian Automotive by 47.9% during the first quarter. Edgestream Partners L.P. now owns 394,487 shares of the electric vehicle automaker’s stock worth $5,937,000 after acquiring an additional 127,788 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Rivian Automotive by 4.0% during the first quarter. The Manufacturers Life Insurance Company now owns 53,360 shares of the electric vehicle automaker’s stock worth $803,000 after acquiring an additional 2,059 shares during the period. Quantinno Capital Management LP increased its position in shares of Rivian Automotive by 126.4% during the first quarter. Quantinno Capital Management LP now owns 471,963 shares of the electric vehicle automaker’s stock worth $7,103,000 after acquiring an additional 263,478 shares during the period. Finally, SummitTX Capital L.P. purchased a new position in shares of Rivian Automotive during the first quarter worth approximately $386,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive News Summary

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: Investors are focusing on Rivian’s growth story, including the upcoming R2 launch and expectations that software-related revenue could become a bigger driver as the company expands beyond its current lineup. Rivian Rallies 8% as Tesla, Nio Stall: R2 Launch and Software Growth in Focus
• Positive Sentiment: Rivian’s stock is also benefiting from improved sentiment across EV names and trader interest, which has helped push shares higher despite technical warning signs. Rivian Stock Climbs Friday: What’s Driving The Move?
• Neutral Sentiment: Rivian remains a trending stock, suggesting elevated investor attention and the potential for continued volatility as traders reassess the company’s outlook. Rivian Automotive, Inc. (RIVN) Is a Trending Stock: Facts to Know Before Betting on It
• Negative Sentiment: The biggest drag is a new NHTSA investigation into 114,922 R1S and R1T vehicles over a possible rear toe link defect, raising recall, repair, and reputational risk. US auto safety regulator opens probe into nearly 115,000 Rivian vehicles
• Negative Sentiment: Follow-up reports say the probe stems from rear suspension failures that may have caused vehicles to swerve, which could increase scrutiny and pressure on the stock if the issue widens. Rivian under investigation over rear suspension failures on R1 models

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.