Robert Scaringe Sells 17,450 Shares of Rivian Automotive (NASDAQ:RIVN) Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert Scaringe sold 17,450 shares of the stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $21.43, for a total transaction of $373,953.50. Following the sale, the chief executive officer owned 1,150,109 shares of the company’s stock, valued at approximately $24,646,835.87. This represents a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Rivian Automotive Trading Down 1.1%

NASDAQ:RIVN traded down $0.23 during mid-day trading on Monday, reaching $20.67. 20,168,087 shares of the company’s stock traded hands, compared to its average volume of 39,052,559. Rivian Automotive, Inc. has a 12-month low of $10.36 and a 12-month high of $22.69. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. The company has a 50 day moving average price of $16.40 and a 200-day moving average price of $14.48. The firm has a market capitalization of $25.34 billion, a price-to-earnings ratio of -6.65 and a beta of 1.79.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.06. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The firm had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the company earned ($1.08) EPS. The business’s quarterly revenue was up 78.3% compared to the same quarter last year. On average, sell-side analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Wedbush lifted their price objective on Rivian Automotive from $16.00 to $25.00 and gave the company an “outperform” rating in a research report on Friday, December 19th. The Goldman Sachs Group increased their price objective on Rivian Automotive from $13.00 to $16.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. Morgan Stanley restated an “underweight” rating and set a $12.00 target price on shares of Rivian Automotive in a report on Monday, December 8th. Mizuho reiterated an “underperform” rating and issued a $10.00 price target (down from $14.00) on shares of Rivian Automotive in a research note on Monday, October 20th. Finally, Baird R W upgraded shares of Rivian Automotive from a “hold” rating to a “strong-buy” rating in a report on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, thirteen have issued a Hold rating and six have issued a Sell rating to the company. According to data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and a consensus target price of $15.73.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Prospera Financial Services Inc grew its stake in shares of Rivian Automotive by 5.2% during the 3rd quarter. Prospera Financial Services Inc now owns 15,803 shares of the electric vehicle automaker’s stock valued at $232,000 after acquiring an additional 775 shares during the period. Siemens Fonds Invest GmbH increased its position in Rivian Automotive by 7.7% in the third quarter. Siemens Fonds Invest GmbH now owns 10,874 shares of the electric vehicle automaker’s stock worth $160,000 after purchasing an additional 780 shares during the last quarter. Equitable Holdings Inc. raised its stake in Rivian Automotive by 5.8% during the third quarter. Equitable Holdings Inc. now owns 14,699 shares of the electric vehicle automaker’s stock valued at $216,000 after purchasing an additional 803 shares in the last quarter. TD Asset Management Inc grew its stake in shares of Rivian Automotive by 1.2% in the 2nd quarter. TD Asset Management Inc now owns 75,841 shares of the electric vehicle automaker’s stock worth $1,042,000 after buying an additional 870 shares in the last quarter. Finally, First National Trust Co increased its holdings in shares of Rivian Automotive by 5.6% in the 3rd quarter. First National Trust Co now owns 16,900 shares of the electric vehicle automaker’s stock worth $248,000 after buying an additional 900 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

About Rivian Automotive

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.