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

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,784,877.65. The trade was a 7.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Rivian Automotive Stock Performance

Shares of NASDAQ RIVN opened at $14.70 on Wednesday. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $24.61. The stock has a 50 day moving average of $11.18 and a 200-day moving average of $12.71. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $15.00 billion, a P/E ratio of -2.63 and a beta of 2.12.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive during the 3rd quarter worth about $28,000. GHP Investment Advisors Inc. grew its stake in Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 1,002 shares during the last quarter. American Capital Advisory LLC raised its holdings in Rivian Automotive by 267.6% in the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after acquiring an additional 2,111 shares during the period. Hantz Financial Services Inc. lifted its position in Rivian Automotive by 2,636.4% during the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after acquiring an additional 2,900 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of Rivian Automotive during the second quarter worth approximately $37,000. 66.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on RIVN shares. Royal Bank of Canada lowered their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. JPMorgan Chase & Co. dropped their price target on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 22nd. Guggenheim decreased their price objective on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Benchmark assumed coverage on shares of Rivian Automotive in a report on Monday, December 9th. They set a “buy” rating and a $18.00 target price on the stock. Finally, Stifel Nicolaus reduced their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $15.83.

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.