Insider Selling: Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Sells $1,139,995.44 in Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $12,127,675.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Rivian Automotive Price Performance

RIVN stock opened at $12.90 on Thursday. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $24.87. The company’s 50-day moving average is $14.68 and its 200-day moving average is $12.32. The stock has a market capitalization of $13.01 billion, a PE ratio of -2.24 and a beta of 2.06.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Equities research analysts expect that Rivian Automotive, Inc. will post -4.92 EPS for the current fiscal year.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently made changes to their positions in the stock. Principal Securities Inc. bought a new stake in Rivian Automotive during the fourth quarter valued at $33,000. Jump Financial LLC purchased a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $401,000. Dimensional Fund Advisors LP lifted its holdings in Rivian Automotive by 11.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,691,417 shares of the electric vehicle automaker’s stock worth $86,603,000 after buying an additional 392,999 shares during the period. Massachusetts Financial Services Co. MA purchased a new position in shares of Rivian Automotive in the 4th quarter valued at approximately $6,106,000. Finally, Janney Montgomery Scott LLC grew its position in shares of Rivian Automotive by 0.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 143,459 shares of the electric vehicle automaker’s stock worth $3,366,000 after buying an additional 908 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Analysts Set New Price Targets

RIVN has been the topic of a number of analyst reports. Wolfe Research initiated coverage on Rivian Automotive in a research report on Thursday, September 5th. They issued a “peer perform” rating on the stock. DA Davidson increased their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday, June 28th. Needham & Company LLC reduced their price target on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Mizuho raised their price objective on shares of Rivian Automotive from $11.00 to $15.00 and gave the stock a “neutral” rating in a report on Friday, July 12th. Finally, JPMorgan Chase & Co. boosted their target price on Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and a consensus price target of $18.09.

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.