Robert J. Scaringe Sells 71,429 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,784,877.65. This represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $14.70 on Wednesday. The firm has a market capitalization of $15.00 billion, a price-to-earnings ratio of -2.63 and a beta of 2.12. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The business’s 50-day moving average price is $11.18 and its 200-day moving average price is $12.71. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $24.61.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. lifted its holdings in shares of Rivian Automotive by 52.5% during the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after purchasing an additional 17,341,786 shares during the period. Renaissance Technologies LLC lifted its holdings in Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after buying an additional 3,285,867 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after buying an additional 2,035,831 shares during the period. AQR Capital Management LLC grew its position in shares of Rivian Automotive by 102.8% in the 2nd quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock valued at $33,276,000 after buying an additional 1,257,106 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Rivian Automotive by 53.8% in the second quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock valued at $39,889,000 after buying an additional 1,039,758 shares during the period. 66.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on RIVN. Bank of America cut shares of Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $20.00 to $13.00 in a report on Friday, November 8th. Wolfe Research initiated coverage on Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. Mizuho reduced their target price on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Canaccord Genuity Group decreased their price target on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Finally, The Goldman Sachs Group upped their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $15.83.

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.