Robert J. Scaringe Sells 35,713 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 35,713 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,879,847.36. This represents a 3.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Rivian Automotive Price Performance

Shares of RIVN traded down $0.20 during mid-day trading on Thursday, hitting $12.49. The company’s stock had a trading volume of 39,005,799 shares, compared to its average volume of 43,966,473. 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 1-year low of $8.26 and a 1-year high of $18.85. The firm has a market capitalization of $12.75 billion, a P/E ratio of -2.23 and a beta of 2.05. The firm has a 50-day simple moving average of $13.09 and a 200 day simple moving average of $13.03.

Analyst Ratings Changes

RIVN has been the subject of a number of recent research reports. Bank of America lowered Rivian Automotive from a “buy” rating to a “neutral” rating and decreased their target price for the company from $20.00 to $13.00 in a report on Friday, November 8th. Stifel Nicolaus dropped their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, November 11th. The Goldman Sachs Group boosted their target price on Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Wells Fargo & Company dropped their price target on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. Finally, Robert W. Baird restated a “neutral” rating and set a $16.00 price objective (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and an average target price of $15.52.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its holdings in shares of Rivian Automotive by 79.2% in the 3rd 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 in the last quarter. International Assets Investment Management LLC increased its holdings in Rivian Automotive by 1,870.7% in the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock valued at $608,000 after buying an additional 51,464 shares in the last quarter. Mizuho Markets Americas LLC lifted its position in shares of Rivian Automotive by 30.7% during the 3rd quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock valued at $5,964,000 after acquiring an additional 124,950 shares during the period. Vontobel Holding Ltd. lifted its position in shares of Rivian Automotive by 543.8% during the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock valued at $1,601,000 after acquiring an additional 120,544 shares during the period. Finally, Renaissance Capital LLC boosted its stake in shares of Rivian Automotive by 20.0% during the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock worth $9,958,000 after acquiring an additional 148,197 shares in the last quarter. Institutional investors and hedge funds 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.