Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe Sells 83,334 Shares

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at $9,712,811.25. This represents a 8.80 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Rivian Automotive Stock Performance

RIVN traded up $0.67 during midday trading on Wednesday, reaching $12.22. The company had a trading volume of 48,609,797 shares, compared to its average volume of 40,022,539. The business has a 50-day moving average of $10.69 and a two-hundred day moving average of $12.45. The company has a market cap of $12.47 billion, a P/E ratio of -2.12 and a beta of 2.04. The company has a quick ratio of 3.70, a current ratio of 5.09 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 $24.61.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quent Capital LLC boosted its stake in Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 831 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Rivian Automotive in the third quarter valued at $28,000. GHP Investment Advisors Inc. increased its position in Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 1,002 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new stake in Rivian Automotive in the second quarter worth $37,000. 66.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

RIVN has been the topic of a number of analyst reports. Wedbush reiterated an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a research report on Friday, November 8th. JPMorgan Chase & Co. decreased their target price on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Tuesday, October 22nd. Guggenheim decreased their target price on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Morgan Stanley cut Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $16.00 to $13.00 in a research note on Wednesday, September 25th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $14.00 target price on shares of Rivian Automotive in a research note on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $15.73.

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.