Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe Sells 71,428 Shares

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 71,428 shares of the firm’s stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $15.36, for a total transaction of $1,097,134.08. Following the sale, the chief executive officer now directly owns 1,483,111 shares of the company’s stock, valued at approximately $22,780,584.96. This trade represents a 4.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Rivian Automotive Stock Performance

Shares of NASDAQ:RIVN traded up $0.48 during trading on Monday, hitting $16.29. 43,821,399 shares of the stock traded hands, compared to its average volume of 36,119,680. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company has a fifty day moving average price of $12.39 and a two-hundred day moving average price of $12.53. Rivian Automotive, Inc. has a 52-week low of $9.50 and a 52-week high of $18.86. The company has a market cap of $18.42 billion, a price-to-earnings ratio of -3.45 and a beta of 1.86.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, equities analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Capital International Investors acquired a new stake in shares of Rivian Automotive during the 4th quarter worth about $144,030,000. Norges Bank acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $123,308,000. Vanguard Group Inc. boosted its position in shares of Rivian Automotive by 7.8% during the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock worth $959,804,000 after purchasing an additional 5,610,688 shares during the period. Northern Trust Corp increased its holdings in Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after purchasing an additional 2,941,928 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in Rivian Automotive in the first quarter valued at approximately $33,582,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on RIVN. Stifel Nicolaus raised their target price on Rivian Automotive from $16.00 to $18.00 and gave the company a “buy” rating in a report on Monday, May 12th. Needham & Company LLC lowered their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. Mizuho boosted their price target on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday. TD Cowen assumed coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They issued a “hold” rating and a $12.70 price objective for the company. Finally, Cowen began coverage on Rivian Automotive in a research note on Thursday, March 6th. They issued a “hold” rating on the stock. Three analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $14.24.

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.