Robert Scaringe Sells 17,450 Shares of Rivian Automotive (NASDAQ:RIVN) Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert Scaringe sold 17,450 shares of the business’s stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $21.43, for a total value of $373,953.50. Following the transaction, the chief executive officer directly owned 1,150,109 shares in the company, valued at approximately $24,646,835.87. This represents a 1.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Rivian Automotive Trading Down 1.1%

RIVN stock traded down $0.23 during mid-day trading on Monday, reaching $20.67. 20,168,087 shares of the stock traded hands, compared to its average volume of 39,052,559. Rivian Automotive, Inc. has a one year low of $10.36 and a one year high of $22.69. The stock has a market capitalization of $25.34 billion, a PE ratio of -6.65 and a beta of 1.79. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71. The business has a 50-day moving average price of $16.40 and a two-hundred day moving average price of $14.48.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.06. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The company had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period in the prior year, the company posted ($1.08) EPS. The firm’s revenue for the quarter was up 78.3% on a year-over-year basis. Equities research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Rivian Automotive in the 2nd quarter valued at $105,629,000. Vanguard Group Inc. grew its position in shares of Rivian Automotive by 3.3% during the 3rd quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock valued at $1,198,967,000 after acquiring an additional 2,597,310 shares during the period. Capital International Investors increased its stake in shares of Rivian Automotive by 13.4% in the 3rd quarter. Capital International Investors now owns 18,351,127 shares of the electric vehicle automaker’s stock valued at $269,395,000 after purchasing an additional 2,161,394 shares in the last quarter. AQR Capital Management LLC boosted its position in Rivian Automotive by 496.6% during the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock worth $31,490,000 after purchasing an additional 1,918,852 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC boosted its position in Rivian Automotive by 1,353.6% during the second quarter. Worldquant Millennium Advisors LLC now owns 2,058,284 shares of the electric vehicle automaker’s stock worth $28,281,000 after purchasing an additional 1,916,686 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on RIVN. UBS Group increased their price target on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Monday, October 6th. Robert W. Baird upgraded Rivian Automotive from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $14.00 to $25.00 in a report on Thursday, December 18th. Tigress Financial upped their target price on Rivian Automotive from $21.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, November 14th. Baird R W upgraded Rivian Automotive from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 18th. Finally, Mizuho reiterated an “underperform” rating and issued a $10.00 target price (down from $14.00) on shares of Rivian Automotive in a research note on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, thirteen have assigned a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $15.73.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.