Insider Selling: Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Sells $844,290.78 in Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $11.82, for a total transaction of $844,290.78. Following the completion of the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at $10,082,590.02. This trade represents a 7.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Rivian Automotive Stock Down 4.7 %

Shares of NASDAQ:RIVN opened at $12.41 on Friday. 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 stock has a market cap of $14.03 billion, a price-to-earnings ratio of -2.63 and a beta of 2.03. The company has a 50 day moving average of $12.26 and a 200-day moving average of $12.14. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, sell-side analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tandem Financial LLC acquired a new position in shares of Rivian Automotive during the 4th quarter worth about $25,000. Bank of Jackson Hole Trust acquired a new position in Rivian Automotive during the fourth quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive in the third quarter valued at approximately $28,000. Hantz Financial Services Inc. raised its holdings in Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after purchasing an additional 2,900 shares during the period. Finally, Orion Capital Management LLC bought a new position in shares of Rivian Automotive during the fourth quarter worth $34,000. Institutional investors own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on RIVN shares. Piper Sandler cut shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $19.00 to $13.00 in a research note on Thursday, March 20th. Cowen assumed coverage on Rivian Automotive in a report on Thursday, March 6th. They issued a “hold” rating for the company. UBS Group boosted their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Thursday, January 16th. Bank of America lowered Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. Finally, Robert W. Baird restated a “neutral” rating and issued a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and an average price target of $14.38.

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.