Insider Selling: Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Sells 83,333 Shares of Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $12,127,675.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Rivian Automotive Price Performance

Shares of Rivian Automotive stock opened at $12.90 on Thursday. The stock has a market cap of $13.01 billion, a P/E ratio of -2.24 and a beta of 2.06. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The stock’s fifty day moving average is $14.68 and its 200 day moving average is $12.32. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $24.87.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. Sell-side analysts anticipate that Rivian Automotive, Inc. will post -4.92 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on RIVN shares. Wedbush reaffirmed an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a research report on Wednesday, August 7th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Friday, August 16th. Canaccord Genuity Group raised their price target on shares of Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, July 1st. Wolfe Research assumed coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $14.00 target price on shares of Rivian Automotive in a research note on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $18.09.

Hedge Funds Weigh In On Rivian Automotive

Large investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its stake in shares of Rivian Automotive by 35.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after purchasing an additional 25,550,489 shares in the last quarter. Vanguard Group Inc. increased its stake in Rivian Automotive by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock worth $761,459,000 after buying an additional 1,226,357 shares in the last quarter. Baillie Gifford & Co. increased its stake in Rivian Automotive by 30.5% in the 2nd quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker’s stock worth $443,072,000 after buying an additional 7,714,788 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Rivian Automotive by 1,521.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after acquiring an additional 5,937,605 shares during the period. Finally, Norges Bank purchased a new position in shares of Rivian Automotive in the fourth quarter valued at about $129,427,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.