Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Sells $1,633,946.00 in Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 107,144 shares of Rivian Automotive stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $15.25, for a total value of $1,633,946.00. Following the completion of the transaction, the chief executive officer now directly owns 1,483,111 shares of the company’s stock, valued at approximately $22,617,442.75. This represents a 6.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Rivian Automotive Stock Down 3.4%

Shares of RIVN opened at $16.34 on Thursday. The stock has a market capitalization of $18.48 billion, a price-to-earnings ratio of -3.46 and a beta of 1.86. Rivian Automotive, Inc. has a 1 year low of $9.50 and a 1 year high of $18.86. The business’s 50 day simple moving average is $12.73 and its 200-day simple moving average is $12.63. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.80) by $0.23. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $981.52 million. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.48) EPS. As a group, equities analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of RIVN. Tandem Financial LLC purchased a new stake in Rivian Automotive during the 4th quarter valued at $25,000. PFS Partners LLC raised its holdings in Rivian Automotive by 1,882.0% during the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker’s stock valued at $25,000 after buying an additional 1,882 shares during the period. Banque Transatlantique SA raised its holdings in Rivian Automotive by 13,194.1% during the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 2,243 shares during the period. Bank of Jackson Hole Trust purchased a new stake in Rivian Automotive during the 4th quarter valued at $27,000. Finally, Orion Capital Management LLC purchased a new stake in Rivian Automotive during the 4th quarter valued at $34,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Analyst Upgrades and Downgrades

RIVN has been the subject of several recent analyst reports. The Goldman Sachs Group lowered their price target on Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Robert W. Baird cut their price target on Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. Barclays boosted their price target on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 22nd. Piper Sandler downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $19.00 to $13.00 in a research note on Thursday, March 20th. Finally, Guggenheim reiterated a “buy” rating and set a $16.00 price objective on shares of Rivian Automotive in a research note on Tuesday, May 6th. Three research analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $14.24.

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.