Robert J. Scaringe Sells 83,334 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 83,334 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Rivian Automotive Price Performance

Shares of RIVN opened at $12.22 on Thursday. The firm has a market capitalization of $12.47 billion, a PE ratio of -2.18 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The company’s 50-day moving average is $10.69 and its 200-day moving average is $12.45. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $24.61.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Tidal Investments LLC grew its position in shares of Rivian Automotive by 28.8% in the third quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker’s stock valued at $3,018,000 after purchasing an additional 60,205 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Rivian Automotive in the 3rd quarter valued at $28,000. World Investment Advisors LLC increased its position in Rivian Automotive by 8.6% during the 3rd quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock worth $204,000 after buying an additional 1,446 shares during the period. Sanctuary Advisors LLC lifted its holdings in shares of Rivian Automotive by 9.0% during the third quarter. Sanctuary Advisors LLC now owns 44,675 shares of the electric vehicle automaker’s stock worth $457,000 after buying an additional 3,681 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Rivian Automotive in the third quarter valued at about $4,184,000. 66.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several recent research reports. Needham & Company LLC reduced their price target on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Wells Fargo & Company reduced their target price on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Piper Sandler lowered their price target on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, November 8th. Wolfe Research started coverage on shares of Rivian Automotive in a research note on Thursday, September 5th. They set a “peer perform” rating on the stock. Finally, Truist Financial cut their target price on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and an average target price of $15.73.

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.