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 stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $16.03, for a total transaction of $279,723.50. Following the sale, the chief executive officer owned 1,115,209 shares in the company, valued at $17,876,800.27. This represents a 1.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Rivian Automotive Price Performance

Shares of RIVN traded down $0.15 during trading hours on Thursday, reaching $16.32. The stock had a trading volume of 20,313,378 shares, compared to its average volume of 32,622,621. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71. Rivian Automotive, Inc. has a 12 month low of $10.36 and a 12 month high of $22.69. The company’s 50-day moving average is $18.00 and its two-hundred day moving average is $15.11. The stock has a market capitalization of $20.01 billion, a PE ratio of -5.25 and a beta of 1.77.

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

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Brighton Jones LLC increased its position in Rivian Automotive by 28.0% in the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after purchasing an additional 3,864 shares during the last quarter. AQR Capital Management LLC grew its position in Rivian Automotive by 1.5% in the first quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock worth $4,733,000 after acquiring an additional 5,590 shares in the last quarter. Empowered Funds LLC increased its stake in Rivian Automotive by 10.1% during the first quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock worth $679,000 after acquiring an additional 4,998 shares during the last quarter. Focus Partners Wealth raised its position in Rivian Automotive by 29.0% during the first quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock valued at $803,000 after purchasing an additional 14,497 shares during the period. Finally, Geneos Wealth Management Inc. raised its position in Rivian Automotive by 57.1% during the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock valued at $64,000 after purchasing an additional 1,856 shares during the period. 66.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Mizuho reiterated an “underperform” rating and issued a $10.00 price objective (down previously from $14.00) on shares of Rivian Automotive in a research note on Monday, October 20th. Wedbush boosted their price objective on shares of Rivian Automotive from $16.00 to $25.00 and gave the company an “outperform” rating in a research report on Friday, December 19th. Piper Sandler lifted their price target on shares of Rivian Automotive from $14.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, January 8th. Wall Street Zen upgraded Rivian Automotive from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Wolfe Research downgraded shares of Rivian Automotive from a “peer perform” rating to an “underperform” rating in a research report on Monday, January 12th. Eight equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and eight have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $16.23.

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.