Insider Selling: Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Sells 83,334 Shares of Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 83,334 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Rivian Automotive Stock Performance

RIVN stock traded up $0.67 during midday trading on Wednesday, hitting $12.22. The stock had a trading volume of 48,609,797 shares, compared to its average volume of 40,022,539. The firm has a market capitalization of $12.47 billion, a price-to-earnings ratio of -2.12 and a beta of 2.04. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $24.61. The stock has a 50-day simple moving average of $10.69 and a 200 day simple moving average of $12.45. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently modified their holdings of RIVN. Quent Capital LLC grew its position in shares of Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive in the 3rd quarter valued at approximately $28,000. GHP Investment Advisors Inc. grew its position in shares of Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 1,002 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 2,380 shares during the period. Finally, International Assets Investment Management LLC acquired a new position in shares of Rivian Automotive in the 2nd quarter valued at approximately $37,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RIVN has been the subject of several analyst reports. Piper Sandler decreased their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, November 8th. Wolfe Research initiated coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. Needham & Company LLC cut their price objective on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, November 8th. The Goldman Sachs Group upped their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Finally, Canaccord Genuity Group cut their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and a consensus target price 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.