Insider Selling: Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Sells 71,429 Shares of Stock

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, March 24th. The shares were sold at an average price of $11.82, for a total value of $844,290.78. Following the completion of the transaction, the chief executive officer now owns 853,011 shares in the company, valued at approximately $10,082,590.02. The trade was a 7.73 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Rivian Automotive Trading Down 4.7 %

Shares of RIVN stock traded down $0.61 during mid-day trading on Friday, hitting $12.41. The company's stock had a trading volume of 35,888,898 shares, compared to its average volume of 37,127,458. The company has a market cap of $14.03 billion, a PE ratio of -2.63 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company's fifty day simple moving average is $12.26 and its 200-day simple moving average is $12.13. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.86.

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 for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, equities research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

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Analysts Set New Price Targets

RIVN has been the topic of several research reports. Truist Financial lifted their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a report on Thursday, January 16th. Sanford C. Bernstein started coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They set an "underperform" rating and a $6.10 target price on the stock. Cantor Fitzgerald cut Rivian Automotive from an "overweight" rating to a "neutral" rating and increased their price target for the company from $13.00 to $15.00 in a research note on Friday, February 21st. Benchmark restated a "buy" rating and set a $18.00 price objective on shares of Rivian Automotive in a research report on Tuesday, March 18th. Finally, Baird R W downgraded Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Rivian Automotive has a consensus rating of "Hold" and an average price target of $14.38.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently modified their holdings of the company. Empowered Funds LLC increased its stake in Rivian Automotive by 59.1% during the 3rd quarter. Empowered Funds LLC now owns 18,466 shares of the electric vehicle automaker's stock valued at $207,000 after purchasing an additional 6,860 shares in the last quarter. Quest Partners LLC grew its holdings in shares of Rivian Automotive by 109.0% during the third quarter. Quest Partners LLC now owns 13,945 shares of the electric vehicle automaker's stock valued at $156,000 after buying an additional 7,273 shares during the last quarter. Pathstone Holdings LLC increased its position in shares of Rivian Automotive by 8.4% during the third quarter. Pathstone Holdings LLC now owns 118,237 shares of the electric vehicle automaker's stock worth $1,327,000 after acquiring an additional 9,187 shares in the last quarter. Commerce Bank raised its holdings in shares of Rivian Automotive by 52.7% in the 3rd quarter. Commerce Bank now owns 62,012 shares of the electric vehicle automaker's stock worth $696,000 after acquiring an additional 21,391 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Rivian Automotive in the 3rd quarter valued at about $570,000. 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.