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

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at $9,596,373.75. The trade was a 7.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Rivian Automotive Trading Up 0.1 %

RIVN stock traded up $0.01 during midday trading on Friday, hitting $11.47. 22,858,862 shares of the company's stock were exchanged, compared to its average volume of 37,018,791. The stock has a market capitalization of $12.97 billion, a PE ratio of -2.43 and a beta of 1.89. 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 1-year low of $8.26 and a 1-year high of $18.86. The business has a 50-day simple moving average of $11.99 and a two-hundred day simple moving average of $12.06.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $1.73 billion during the quarter, compared to analysts' expectations 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 predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

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Institutional Investors Weigh In On Rivian Automotive

Large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its stake in Rivian Automotive by 1.7% during the 4th 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 in the last quarter. Capital International Investors acquired a new position in shares of Rivian Automotive during the fourth quarter worth about $144,030,000. Norges Bank acquired a new stake in Rivian Automotive in the fourth quarter valued at approximately $123,308,000. Soma Equity Partners LP lifted its stake in Rivian Automotive by 19.9% in the fourth 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 increased its position 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 valued at $96,275,000 after purchasing an additional 2,941,928 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on RIVN shares. Benchmark restated a "buy" rating and issued a $18.00 price target on shares of Rivian Automotive in a research note on Tuesday, March 18th. Sanford C. Bernstein initiated coverage on Rivian Automotive in a research note on Wednesday, January 29th. They set an "underperform" rating and a $6.10 target price for the company. Baird R W cut shares of Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 18th. Cantor Fitzgerald cut shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and upped their price objective for the stock from $13.00 to $15.00 in a research report on Friday, February 21st. Finally, UBS Group dropped their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Thursday. Three 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's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $14.25.

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.