Insider Selling: Rivian Automotive, Inc. (NASDAQ:RIVN) CFO Sells $277,515.00 in Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CFO Claire Mcdonough sold 18,501 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.00, for a total transaction of $277,515.00. Following the sale, the chief financial officer now directly owns 351,900 shares of the company’s stock, valued at approximately $5,278,500. This represents a 4.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Claire Mcdonough also recently made the following trade(s):

• On Tuesday, November 26th, Claire Mcdonough sold 8,097 shares of Rivian Automotive stock. The stock was sold at an average price of $12.20, for a total value of $98,783.40.
• On Monday, November 18th, Claire Mcdonough sold 3,210 shares of Rivian Automotive stock. The shares were sold at an average price of $10.03, for a total value of $32,196.30.

Rivian Automotive Trading Up 5.9 %

NASDAQ RIVN opened at $13.83 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm has a market cap of $14.12 billion, a price-to-earnings ratio of -2.47 and a beta of 2.12. The firm has a 50 day simple moving average of $11.44 and a 200-day simple moving average of $12.76. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $24.61.

Analysts Set New Price Targets

Several brokerages have issued reports on RIVN. JPMorgan Chase & Co. dropped their target price on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Tuesday, October 22nd. Needham & Company LLC cut their price objective on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a report on Monday, September 30th. Robert W. Baird restated a “neutral” rating and set a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday. Finally, Stifel Nicolaus reduced their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and a consensus price target of $15.74.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Baillie Gifford & Co. increased its holdings in Rivian Automotive by 52.5% during the 3rd 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 during the period. Geode Capital Management LLC lifted its position in shares of Rivian Automotive by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock worth $145,550,000 after purchasing an additional 223,860 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after purchasing an additional 3,285,867 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Rivian Automotive by 79.2% in 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 buying an additional 2,035,831 shares during the last quarter. Finally, abrdn plc raised its stake in Rivian Automotive by 17.8% in the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after buying an additional 518,561 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.