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

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $13.42 on Friday. The company has a fifty day moving average price of $10.68 and a two-hundred day moving average price of $13.52. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $28.06. The stock has a market cap of $13.36 billion, a P/E ratio of -2.33 and a beta of 2.01. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55.

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Guggenheim started coverage on shares of Rivian Automotive in a report on Tuesday. They set a “buy” rating and a $18.00 price objective for the company. Barclays lowered their price objective on shares of 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. DA Davidson lifted their target price on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday. Needham & Company LLC increased their price target on Rivian Automotive from $13.00 to $20.00 and gave the stock a “buy” rating in a report on Friday. Finally, Mizuho cut their price objective on Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of “Moderate Buy” and an average target price of $19.63.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently made changes to their positions in RIVN. Federated Hermes Inc. lifted its holdings in Rivian Automotive by 8.2% during the 4th quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock valued at $201,000 after purchasing an additional 651 shares during the last quarter. Moneta Group Investment Advisors LLC raised its position in shares of Rivian Automotive by 5.3% in the third quarter. Moneta Group Investment Advisors LLC now owns 13,335 shares of the electric vehicle automaker’s stock valued at $324,000 after purchasing an additional 668 shares during the period. Laidlaw Wealth Management LLC lifted its stake in shares of Rivian Automotive by 7.5% during the 4th quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock worth $241,000 after buying an additional 718 shares during the last quarter. Jamison Private Wealth Management Inc. boosted its holdings in shares of Rivian Automotive by 10.8% during the 4th quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker’s stock worth $175,000 after buying an additional 727 shares during the period. Finally, Parkside Financial Bank & Trust grew its stake in Rivian Automotive by 86.6% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock valued at $40,000 after buying an additional 784 shares during the last quarter. 66.25% of the stock is 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.