Rivian Automotive (NASDAQ:RIVN) CEO Robert Scaringe Sells 34,818 Shares

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert Scaringe sold 34,818 shares of Rivian Automotive stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total transaction of $522,270.00. Following the transaction, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at $13,834,290. The trade was a 3.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rivian Automotive Trading Up 7.2%

Shares of NASDAQ:RIVN traded up $1.10 on Friday, hitting $16.30. 59,124,491 shares of the company’s stock were exchanged, compared to its average volume of 29,609,678. Rivian Automotive, Inc. has a 12 month low of $11.57 and a 12 month high of $22.69. The stock has a market capitalization of $20.23 billion, a price-to-earnings ratio of -5.58 and a beta of 1.64. The business’s 50 day simple moving average is $15.26 and its two-hundred day simple moving average is $16.30. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64.

Key Stories Impacting Rivian Automotive

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: Investors are focusing on Rivian’s growth story, including the upcoming R2 launch and expectations that software-related revenue could become a bigger driver as the company expands beyond its current lineup. Rivian Rallies 8% as Tesla, Nio Stall: R2 Launch and Software Growth in Focus
• Positive Sentiment: Rivian’s stock is also benefiting from improved sentiment across EV names and trader interest, which has helped push shares higher despite technical warning signs. Rivian Stock Climbs Friday: What’s Driving The Move?
• Neutral Sentiment: Rivian remains a trending stock, suggesting elevated investor attention and the potential for continued volatility as traders reassess the company’s outlook. Rivian Automotive, Inc. (RIVN) Is a Trending Stock: Facts to Know Before Betting on It
• Negative Sentiment: The biggest drag is a new NHTSA investigation into 114,922 R1S and R1T vehicles over a possible rear toe link defect, raising recall, repair, and reputational risk. US auto safety regulator opens probe into nearly 115,000 Rivian vehicles
• Negative Sentiment: Follow-up reports say the probe stems from rear suspension failures that may have caused vehicles to swerve, which could increase scrutiny and pressure on the stock if the issue widens. Rivian under investigation over rear suspension failures on R1 models

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on RIVN shares. TD Cowen upgraded Rivian Automotive from a “hold” rating to a “buy” rating and lifted their target price for the stock from $17.00 to $20.00 in a research report on Tuesday, March 10th. DA Davidson lifted their target price on Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Deutsche Bank Aktiengesellschaft upgraded Rivian Automotive from a “hold” rating to a “buy” rating and lifted their target price for the stock from $16.00 to $23.00 in a research report on Friday, February 13th. Wedbush reiterated an “outperform” rating and set a $25.00 target price on shares of Rivian Automotive in a research report on Friday, February 13th. Finally, Tigress Financial reiterated a “buy” rating and set a $25.00 target price on shares of Rivian Automotive in a research report on Friday, April 10th. Twelve investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $18.57.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently made changes to their positions in RIVN. Brighton Jones LLC raised its holdings in shares of Rivian Automotive by 28.0% in the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after acquiring an additional 3,864 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of 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 valued at $4,733,000 after acquiring an additional 5,590 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Rivian Automotive by 10.1% in the first quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock valued at $679,000 after acquiring an additional 4,998 shares in the last quarter. Focus Partners Wealth raised its holdings in shares of Rivian Automotive by 29.0% in the first quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock valued at $803,000 after acquiring an additional 14,497 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its holdings in shares of Rivian Automotive by 57.1% in the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock valued at $64,000 after acquiring an additional 1,856 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

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.