Insider Selling: Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Sells $991,434.52 in Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total value of $991,434.52. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,983,450.68. This represents a 7.64 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Rivian Automotive Trading Down 2.8 %

Shares of Rivian Automotive stock opened at $13.65 on Friday. The stock has a 50 day moving average of $11.81 and a 200 day moving average of $12.84. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm has a market capitalization of $13.93 billion, a price-to-earnings ratio of -2.44 and a beta of 2.12. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $24.30.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently modified their holdings of RIVN. B. Riley Wealth Advisors Inc. lifted its position in Rivian Automotive by 72.2% in the third quarter. B. Riley Wealth Advisors Inc. now owns 89,764 shares of the electric vehicle automaker’s stock valued at $994,000 after buying an additional 37,647 shares during the last quarter. Tidal Investments LLC lifted its holdings in shares of Rivian Automotive by 28.8% in the 3rd quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker’s stock worth $3,018,000 after acquiring an additional 60,205 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive in the 3rd quarter worth approximately $28,000. World Investment Advisors LLC boosted its position in shares of Rivian Automotive by 8.6% during the 3rd quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock worth $204,000 after purchasing an additional 1,446 shares during the period. Finally, Sanctuary Advisors LLC raised its position in Rivian Automotive by 9.0% in the third quarter. Sanctuary Advisors LLC now owns 44,675 shares of the electric vehicle automaker’s stock valued at $457,000 after purchasing an additional 3,681 shares during the period. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RIVN has been the subject of several research reports. Barclays decreased their price objective on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Morgan Stanley lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. JPMorgan Chase & Co. cut their price target on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 22nd. Bank of America cut Rivian Automotive from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $20.00 to $13.00 in a report on Friday, November 8th. Finally, Stifel Nicolaus reduced their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and a consensus price target of $15.74.

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.