Insider Selling: Rivian Automotive, Inc. (NASDAQ:RIVN) CEO Sells 35,713 Shares of Stock

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) CEO Robert J. Scaringe sold 35,713 shares of the business's stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $11.46, for a total value of $409,270.98. Following the completion of the sale, the chief executive officer now owns 853,011 shares in the company, valued at $9,775,506.06. The trade was a 4.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Rivian Automotive Trading Up 4.4 %

Shares of RIVN stock traded up $0.53 on Friday, hitting $12.62. The company had a trading volume of 24,445,614 shares, compared to its average volume of 36,524,350. Rivian Automotive, Inc. has a twelve month low of $8.84 and a twelve month high of $18.86. 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 cap of $14.27 billion, a P/E ratio of -2.67 and a beta of 1.89. The stock's 50-day moving average is $11.71 and its two-hundred day moving average is $12.13.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Cowen initiated coverage on shares of Rivian Automotive in a research report on Thursday, March 6th. They issued a "hold" rating on the stock. The Goldman Sachs Group cut their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Robert W. Baird reduced their price objective on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Guggenheim lowered their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research report on Monday, February 24th. Finally, Piper Sandler cut Rivian Automotive from an "overweight" rating to a "neutral" rating and reduced their price target for the company from $19.00 to $13.00 in a research report on Thursday, March 20th. Three equities 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 company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $14.08.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently bought and sold shares of RIVN. Capital International Investors bought a new stake in shares of Rivian Automotive during the 4th quarter valued at about $144,030,000. Norges Bank bought a new position in shares of Rivian Automotive during the 4th quarter worth approximately $123,308,000. Northern Trust Corp grew its position in shares of Rivian Automotive by 68.5% during the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock worth $96,275,000 after buying an additional 2,941,928 shares during the period. Twinbeech Capital LP bought a new stake in shares of Rivian Automotive in the 4th quarter valued at $29,944,000. Finally, Groupama Asset Managment acquired a new position in shares of Rivian Automotive during the 4th quarter valued at $26,600,000. Institutional investors own 66.25% of the company's stock.

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.