Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Sells $937,507.50 in Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 83,334 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were 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 of the company’s stock, valued at approximately $9,712,811.25. This trade represents a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Rivian Automotive Price Performance

RIVN opened at $12.22 on Friday. The company has a market capitalization of $12.47 billion, a price-to-earnings ratio of -2.18 and a beta of 2.04. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm has a 50-day moving average price of $10.67 and a 200-day moving average price of $12.45. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $24.61.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RIVN. Wolfe Research began coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They issued a “peer perform” rating for the company. Guggenheim decreased their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Cantor Fitzgerald reiterated an “overweight” rating and set a $19.00 price objective on shares of Rivian Automotive in a research report on Monday, September 30th. Wedbush restated an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a report on Friday, November 8th. Finally, Needham & Company LLC reduced their price target on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Rivian Automotive has a consensus rating of “Hold” and a consensus price target of $15.73.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently modified their holdings of RIVN. Baillie Gifford & Co. increased its stake in shares of Rivian Automotive by 52.5% in 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 in the last quarter. Renaissance Technologies LLC grew its stake in Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after acquiring an additional 3,285,867 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in 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 valued at $51,693,000 after acquiring an additional 2,035,831 shares in the last quarter. AQR Capital Management LLC grew its stake in Rivian Automotive by 102.8% during the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock valued at $33,276,000 after acquiring an additional 1,257,106 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Rivian Automotive by 53.8% during 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 acquiring an additional 1,039,758 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.