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

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

Rivian Automotive Stock Down 2.1 %

Shares of RIVN opened at $12.10 on Thursday. The company’s 50-day simple moving average is $12.32 and its 200-day simple moving average is $12.14. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $18.86. The stock has a market capitalization of $13.68 billion, a PE ratio of -2.56 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. Analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. TD Cowen assumed coverage on Rivian Automotive in a report on Friday, March 7th. They issued a “hold” rating and a $12.70 price target for the company. Needham & Company LLC raised their target price on Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Robert W. Baird reissued a “neutral” rating and set a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Bank of America cut shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Finally, Guggenheim decreased their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, February 24th. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and a consensus target price of $14.38.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Capital International Investors purchased a new stake in shares of Rivian Automotive during the fourth quarter worth approximately $144,030,000. Norges Bank purchased a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $123,308,000. Northern Trust Corp raised its holdings 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 in the last quarter. Twinbeech Capital LP purchased a new stake in shares of Rivian Automotive during the 4th quarter worth $29,944,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after purchasing an additional 2,035,831 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.