Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Sells $1,633,946.00 in Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 107,144 shares of the company’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $15.25, for a total value of $1,633,946.00. Following the completion of the transaction, the chief executive officer now directly owns 1,483,111 shares in the company, valued at $22,617,442.75. This trade represents a 6.74% 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 Trading Down 3.4%

Rivian Automotive stock opened at $16.34 on Thursday. The stock has a 50-day moving average of $12.73 and a two-hundred day moving average of $12.63. 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 one year low of $9.50 and a one year high of $18.86. The stock has a market cap of $18.48 billion, a PE ratio of -3.46 and a beta of 1.86.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.23. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $981.52 million. During the same period last year, the business posted ($1.48) earnings per share. The firm’s revenue was up 3.0% compared to the same quarter last year. On average, research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RIVN. Tandem Financial LLC purchased a new position in shares of Rivian Automotive in the fourth quarter worth about $25,000. PFS Partners LLC raised its stake in shares of Rivian Automotive by 1,882.0% in the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker’s stock worth $25,000 after purchasing an additional 1,882 shares during the last quarter. Banque Transatlantique SA raised its stake in shares of Rivian Automotive by 13,194.1% in the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 2,243 shares during the last quarter. Bank of Jackson Hole Trust purchased a new position in shares of Rivian Automotive in the fourth quarter worth about $27,000. Finally, Orion Capital Management LLC purchased a new position in shares of Rivian Automotive in the fourth quarter worth about $34,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on RIVN. JPMorgan Chase & Co. cut their price objective on Rivian Automotive from $11.00 to $10.00 and set an “underweight” rating on the stock in a research report on Friday, April 25th. Piper Sandler downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $19.00 to $13.00 in a research report on Thursday, March 20th. Benchmark reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Rivian Automotive in a research report on Tuesday, March 18th. Stifel Nicolaus upped their price objective on Rivian Automotive from $16.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, May 12th. Finally, Sanford C. Bernstein started coverage on Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price target on the stock. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $14.24.

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.