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

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the transaction, the chief executive officer now owns 853,011 shares of the company’s stock, valued at approximately $9,596,373.75. This represents a 7.73 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Rivian Automotive Trading Up 0.1 %

NASDAQ:RIVN opened at $11.47 on Friday. The firm has a 50-day simple moving average of $11.99 and a 200-day simple moving average of $12.05. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $18.86. The firm has a market cap of $12.97 billion, a P/E ratio of -2.43 and a beta of 1.89. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. Equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company raised its holdings in Rivian Automotive by 6.0% in the third quarter. The Manufacturers Life Insurance Company now owns 76,651 shares of the electric vehicle automaker’s stock worth $860,000 after purchasing an additional 4,338 shares in the last quarter. Captrust Financial Advisors lifted its position in Rivian Automotive by 19.4% during the third quarter. Captrust Financial Advisors now owns 41,474 shares of the electric vehicle automaker’s stock valued at $465,000 after acquiring an additional 6,738 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Rivian Automotive by 107.6% in the third quarter. Janus Henderson Group PLC now owns 86,241 shares of the electric vehicle automaker’s stock valued at $968,000 after acquiring an additional 44,700 shares in the last quarter. Quantinno Capital Management LP purchased a new position in Rivian Automotive in the third quarter worth $183,000. Finally, EP Wealth Advisors LLC acquired a new position in shares of Rivian Automotive during the third quarter worth $129,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on RIVN. TD Cowen started coverage on Rivian Automotive in a research note on Friday, March 7th. They issued a “hold” rating and a $12.70 price objective for the company. Guggenheim dropped their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, February 24th. Benchmark reissued a “buy” rating and issued a $18.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 18th. Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 target price for the company. Finally, The Goldman Sachs Group cut their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $14.25.

Rivian Automotive Company Profile

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.