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 firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,784,877.65. The trade was a 7.64 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $13.06 on Thursday. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock’s fifty day moving average price is $11.26 and its 200-day moving average price is $12.74. The firm has a market cap of $13.33 billion, a P/E ratio of -2.33 and a beta of 2.12. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $24.61.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RIVN. Assenagon Asset Management S.A. boosted its stake in shares of Rivian Automotive by 1.7% during the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after purchasing an additional 604 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in Rivian Automotive by 30.7% during the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after buying an additional 670 shares during the period. Certuity LLC increased its holdings in shares of Rivian Automotive by 8.1% in the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after acquiring an additional 815 shares during the period. Blue Trust Inc. raised its position in shares of Rivian Automotive by 39.0% in the 2nd quarter. Blue Trust Inc. now owns 3,230 shares of the electric vehicle automaker’s stock worth $43,000 after acquiring an additional 907 shares in the last quarter. Finally, John G Ullman & Associates Inc. lifted its stake in shares of Rivian Automotive by 9.1% during the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after purchasing an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on RIVN shares. Truist Financial dropped their price target on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a research note on Wednesday, October 16th. JPMorgan Chase & Co. lowered their target price on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 22nd. Morgan Stanley cut Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. Royal Bank of Canada lowered their price objective on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Finally, Benchmark started coverage on shares of Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 target price for the company. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $15.74.

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.