Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe Sells 71,429 Shares

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $13.88, for a total transaction of $991,434.52. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,983,450.68. This represents a 7.64 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Rivian Automotive Price Performance

Shares of RIVN stock traded down $0.02 during mid-day trading on Thursday, reaching $14.04. The stock had a trading volume of 18,963,520 shares, compared to its average volume of 39,798,762. The business has a 50-day simple moving average of $11.66 and a 200 day simple moving average of $12.82. The company has a market cap of $14.33 billion, a P/E ratio of -2.51 and a beta of 2.12. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $24.30. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Wells Fargo & Company lowered their price target on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Stifel Nicolaus dropped their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, November 11th. Cantor Fitzgerald restated an “overweight” rating and issued a $19.00 price target on shares of Rivian Automotive in a research report on Monday, September 30th. Piper Sandler cut their price objective 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, Barclays lowered their target price on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $15.74.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. increased its stake in Rivian Automotive by 52.5% during the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after acquiring an additional 17,341,786 shares during the last quarter. Geode Capital Management LLC boosted its position in Rivian Automotive by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock valued at $145,550,000 after buying an additional 223,860 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after purchasing an additional 3,285,867 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after acquiring an additional 2,035,831 shares during the last quarter. Finally, abrdn plc grew its holdings in Rivian Automotive by 17.8% during the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock worth $38,587,000 after acquiring an additional 518,561 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.