Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Sells $975,005.85 in Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total value of $975,005.85. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,784,877.65. This trade represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Rivian Automotive Stock Performance

Shares of RIVN traded up $0.97 during mid-day trading on Monday, hitting $15.34. 55,926,380 shares of the company’s stock were exchanged, compared to its average volume of 40,025,484. The firm has a market capitalization of $15.66 billion, a P/E ratio of -2.74 and a beta of 2.12. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $24.61. The business’s 50 day moving average is $11.18 and its two-hundred day moving average is $12.71.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RIVN. Baillie Gifford & Co. lifted its stake in shares of Rivian Automotive by 52.5% during the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after purchasing an additional 17,341,786 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Rivian Automotive by 153.2% in the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after acquiring an additional 3,285,867 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after purchasing an additional 2,035,831 shares during the last quarter. AQR Capital Management LLC increased its stake in Rivian Automotive by 102.8% in the 2nd quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after purchasing an additional 1,257,106 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Rivian Automotive by 53.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock worth $39,889,000 after acquiring an additional 1,039,758 shares in the last quarter. 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 research reports. Wells Fargo & Company reduced their price objective on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. Morgan Stanley cut shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. Canaccord Genuity Group cut their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a report on Monday, October 7th. Benchmark initiated coverage on shares of Rivian Automotive in a research report on Monday, December 9th. They issued a “buy” rating and a $18.00 target price for the company. Finally, Royal Bank of Canada decreased their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $15.83.

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.