Rivian Automotive (NASDAQ:RIVN) CEO Sells $244,300.00 in Stock

Key Points

• CEO Robert Scaringe of Rivian Automotive sold 17,450 shares of the company's stock for a total of $244,300, reducing his ownership stake by 1.29%.
• Rivian reported a quarterly loss of ($0.97) EPS, missing expectations, despite achieving a revenue of $1.30 billion, which was above analysts’ predictions.
• Wall Street analysts hold a consensus rating of "Hold" for Rivian, with an average target price of $13.67, while several firms have downgraded their ratings and target prices in recent months.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) CEO Robert J. Scaringe sold 17,450 shares of the stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $14.00, for a total transaction of $244,300.00. Following the transaction, the chief executive officer owned 1,333,655 shares of the company's stock, valued at $18,671,170. The trade was a 1.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Rivian Automotive Stock Up 5.3%

RIVN traded up $0.72 during trading hours on Tuesday, hitting $14.32. 62,302,236 shares of the company's stock were exchanged, compared to its average volume of 48,308,356. Rivian Automotive, Inc. has a 1-year low of $9.50 and a 1-year high of $17.15. The stock's 50-day moving average is $13.10 and its two-hundred day moving average is $13.05. The stock has a market cap of $17.38 billion, a price-to-earnings ratio of -4.43 and a beta of 1.81. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.32). Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The business had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the previous year, the company posted ($1.46) EPS. The business's revenue for the quarter was up 12.5% compared to the same quarter last year. Sell-side analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on RIVN shares. UBS Group dropped their price target on shares of Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 6th. Stifel Nicolaus dropped their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Needham & Company LLC reissued a "buy" rating and issued a $14.00 price objective on shares of Rivian Automotive in a research report on Monday, August 25th. Morgan Stanley dropped their price objective on shares of Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 13th. Finally, Piper Sandler increased their price objective on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Five equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Rivian Automotive has a consensus rating of "Hold" and a consensus target price of $13.67.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently bought and sold shares of RIVN. PFS Partners LLC grew its stake in Rivian Automotive by 1,882.0% during the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after buying an additional 1,882 shares in the last quarter. Assetmark Inc. grew its stake in Rivian Automotive by 315.6% during the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker's stock worth $25,000 after buying an additional 1,357 shares in the last quarter. Banque Transatlantique SA grew its stake in Rivian Automotive by 13,194.1% during the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock worth $26,000 after buying an additional 2,243 shares in the last quarter. Newbridge Financial Services Group Inc. grew its stake in Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker's stock worth $26,000 after buying an additional 1,000 shares in the last quarter. Finally, Fairman Group LLC acquired a new stake in Rivian Automotive during the second quarter worth about $31,000. 66.25% of the stock is owned by institutional investors.

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.