Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe Sells 71,429 Shares

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, July 8th. The shares were sold at an average price of $14.97, for a total transaction of $1,069,292.13. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $13,618,074.27. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Rivian Automotive Price Performance

Shares of RIVN stock traded up $0.66 during trading on Wednesday, hitting $16.37. The company had a trading volume of 55,656,040 shares, compared to its average volume of 44,030,078. The stock has a market capitalization of $16.29 billion, a price-to-earnings ratio of -2.88 and a beta of 2.08. The stock’s 50-day moving average is $11.51 and its two-hundred day moving average is $13.02. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.38) by ($0.03). The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. As a group, analysts predict that Rivian Automotive, Inc. will post -4.87 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of recent research reports. Mizuho decreased their price target on shares of Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Wednesday, May 8th. Canaccord Genuity Group boosted their price target on shares of Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, July 1st. UBS Group lifted their price objective on shares of Rivian Automotive from $10.00 to $17.00 and gave the stock a “neutral” rating in a report on Friday, June 28th. Cantor Fitzgerald lifted their price objective on shares of Rivian Automotive from $15.00 to $19.00 and gave the stock an “overweight” rating in a report on Wednesday, June 26th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $13.00 price target on shares of Rivian Automotive in a report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.04.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of RIVN. Bear Mountain Capital Inc. purchased a new stake in Rivian Automotive in the fourth quarter worth approximately $26,000. Quent Capital LLC boosted its stake in shares of Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 2,380 shares during the period. Principal Securities Inc. purchased a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $33,000. Finally, Benjamin Edwards Inc. purchased a new stake in shares of Rivian Automotive during the first quarter valued at approximately $33,000. 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.