Insider Selling: Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Sells 35,713 Shares of Stock

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $11.46, for a total value of $409,270.98. Following the completion of the transaction, the chief executive officer now owns 853,011 shares in the company, valued at approximately $9,775,506.06. This represents a 4.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Rivian Automotive Stock Up 3.6 %

RIVN stock traded up $0.44 during trading on Friday, reaching $12.53. 17,569,905 shares of the stock were exchanged, compared to its average volume of 36,407,751. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a twelve month low of $8.46 and a twelve month high of $18.86. The firm's 50 day moving average is $11.74 and its 200 day moving average is $12.09. The firm has a market cap of $14.16 billion, a P/E ratio of -2.66 and a beta of 1.89.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.43 billion. As a group, research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Analyst Ratings Changes

RIVN has been the subject of several research analyst reports. Wells Fargo & Company upped their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a report on Friday, February 21st. Cowen initiated coverage on Rivian Automotive in a report on Thursday, March 6th. They set a "hold" rating on the stock. Robert W. Baird cut their target price on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. TD Cowen started coverage on shares of Rivian Automotive in a research report on Friday, March 7th. They issued a "hold" rating and a $12.70 price target for the company. Finally, Bank of America downgraded shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and dropped their price target for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $14.17.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in RIVN. Geode Capital Management LLC raised its stake in shares of Rivian Automotive by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock worth $175,639,000 after purchasing an additional 227,168 shares during the last quarter. Capital International Investors purchased a new stake in Rivian Automotive in the 4th quarter valued at $144,030,000. Norges Bank bought a new position in Rivian Automotive during the 4th quarter valued at $123,308,000. Soma Equity Partners LP boosted its holdings in Rivian Automotive by 19.9% during the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock worth $112,865,000 after acquiring an additional 1,407,772 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock worth $96,275,000 after acquiring an additional 2,941,928 shares in the last quarter. 66.25% of the stock is owned by institutional investors.

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.