Robert J. Scaringe Sells 71,428 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 71,428 shares of Rivian Automotive stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $15.36, for a total transaction of $1,097,134.08. 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 $22,780,584.96. This trade represents a 4.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Rivian Automotive Price Performance

Shares of NASDAQ RIVN opened at $16.29 on Tuesday. The business has a fifty day moving average price of $12.49 and a two-hundred day moving average price of $12.57. The stock has a market capitalization of $18.42 billion, a PE ratio of -3.45 and a beta of 1.86. 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, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results 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. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. As a group, equities analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RIVN has been the subject of several recent analyst reports. Mizuho raised their target price on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday. Barclays lifted their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 22nd. Jefferies Financial Group restated a “hold” rating and issued a $16.00 price target on shares of Rivian Automotive in a research note on Wednesday, May 14th. Wedbush cut their price target on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, May 7th. Finally, Sanford C. Bernstein started coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price objective on the stock. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $14.24.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently bought and sold shares of RIVN. Tandem Financial LLC bought a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $25,000. PFS Partners LLC increased its stake in Rivian Automotive by 1,882.0% in the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker’s stock valued at $25,000 after acquiring an additional 1,882 shares during the last quarter. Banque Transatlantique SA raised its position in Rivian Automotive by 13,194.1% during the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 2,243 shares in the last quarter. Bank of Jackson Hole Trust bought a new stake in Rivian Automotive during the fourth quarter worth $27,000. Finally, Orion Capital Management LLC bought a new stake in Rivian Automotive during the fourth quarter worth $34,000. 66.25% of the stock is owned by institutional investors.

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.