Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Sells $803,576.25 in Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Rivian Automotive Stock Down 7.3 %

Shares of NASDAQ RIVN opened at $13.42 on Friday. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $28.06. The stock’s fifty day simple moving average is $10.68 and its two-hundred day simple moving average is $13.48. The stock has a market capitalization of $13.36 billion, a PE ratio of -2.33 and a beta of 2.01. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. As a group, analysts expect that Rivian Automotive, Inc. will post -4.94 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RIVN. EverSource Wealth Advisors LLC lifted 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 valued at $29,000 after acquiring an additional 2,380 shares during the last quarter. Westwood Holdings Group Inc. lifted its holdings in shares of Rivian Automotive by 240.3% during the 1st quarter. Westwood Holdings Group Inc. now owns 273,801 shares of the electric vehicle automaker’s stock valued at $2,998,000 after purchasing an additional 193,345 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in shares of Rivian Automotive by 2.5% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 384,101 shares of the electric vehicle automaker’s stock worth $4,149,000 after purchasing an additional 9,508 shares in the last quarter. EULAV Asset Management grew its stake in Rivian Automotive by 33.3% during the 1st quarter. EULAV Asset Management now owns 680,000 shares of the electric vehicle automaker’s stock worth $7,446,000 after buying an additional 170,000 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its position in Rivian Automotive by 571.5% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 502,949 shares of the electric vehicle automaker’s stock valued at $5,507,000 after buying an additional 428,050 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Analyst Upgrades and Downgrades

RIVN has been the subject of several recent research reports. Barclays dropped their price target on Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a research report on Friday, April 19th. Morgan Stanley restated an “overweight” rating and set a $13.00 price target on shares of Rivian Automotive in a report on Wednesday. JPMorgan Chase & Co. lifted their price objective on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a research note on Wednesday. Truist Financial increased their target price on shares of Rivian Automotive from $10.00 to $13.00 and gave the company a “hold” rating in a research note on Wednesday. Finally, Wells Fargo & Company cut their price target on shares of Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Rivian Automotive has a consensus rating of “Moderate Buy” and a consensus target price of $19.63.

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.