Insider Selling: Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Sells 83,333 Shares of Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $10,319,162.64. The transaction was disclosed in a filing with the SEC, which is available through this link.

Rivian Automotive Trading Up 1.3 %

NASDAQ RIVN opened at $11.17 on Friday. The stock has a market capitalization of $11.12 billion, a price-to-earnings ratio of -1.94 and a beta of 2.06. The business’s fifty day moving average is $14.01 and its 200-day moving average is $12.32. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $24.87.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. Equities research analysts predict that Rivian Automotive, Inc. will post -4.8 EPS for the current year.

Analyst Ratings Changes

Several brokerages have issued reports on RIVN. Mizuho increased their price target on Rivian Automotive from $11.00 to $15.00 and gave the stock a “neutral” rating in a report on Friday, July 12th. Piper Sandler reissued an “overweight” rating and issued a $21.00 price target on shares of Rivian Automotive in a research report on Wednesday, June 26th. DA Davidson upped their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday, June 28th. UBS Group reduced their price objective on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Finally, Wells Fargo & Company lowered their target price on shares of Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and a consensus price target of $17.91.

Institutional Trading of Rivian Automotive

Several hedge funds have recently made changes to their positions in RIVN. Quent Capital LLC increased its holdings in Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares during the period. Principal Securities Inc. purchased a new position in shares of Rivian Automotive in the fourth quarter worth about $33,000. Benjamin Edwards Inc. bought a new stake in shares of Rivian Automotive in the first quarter valued at approximately $33,000. Finally, Fairman Group LLC purchased a new stake in shares of Rivian Automotive during the 4th quarter valued at approximately $36,000. 66.25% of the stock is currently owned by institutional investors.

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.