Rivian Automotive (NASDAQ:RIVN) CEO Sells $522,270.00 in Stock

Key Points

• Rivian CEO Robert Scaringe sold 34,818 shares on May 28 at an average price of $15.00, totaling about $522,270. The sale was made under a pre-arranged Rule 10b5-1 trading plan, and Scaringe still held 922,286 shares afterward.
• Rivian shares rose to $16.30 in Friday trading on unusually heavy volume, well above the stock’s average daily volume. The company remains volatile, with a 52-week range of $11.57 to $22.69.
• Investor sentiment is being shaped by both growth hopes and risk: analysts and traders are watching the upcoming R2 launch and software revenue potential, but a new NHTSA probe into nearly 115,000 vehicles over a possible rear suspension defect is a major concern.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) CEO Robert Scaringe sold 34,818 shares of the firm's stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $15.00, for a total transaction of $522,270.00. Following the sale, the chief executive officer owned 922,286 shares of the company's stock, valued at $13,834,290. This trade represents a 3.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rivian Automotive Stock Performance

NASDAQ RIVN traded up $1.10 during trading hours on Friday, reaching $16.30. 59,124,491 shares of the company were exchanged, compared to its average volume of 29,609,678. Rivian Automotive, Inc. has a 1 year low of $11.57 and a 1 year high of $22.69. The business's 50 day simple moving average is $15.26 and its 200-day simple moving average is $16.30. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $20.23 billion, a P/E ratio of -5.58 and a beta of 1.64.

Rivian Automotive News Roundup

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: Investors are focusing on Rivian’s growth story, including the upcoming R2 launch and expectations that software-related revenue could become a bigger driver as the company expands beyond its current lineup. Rivian Rallies 8% as Tesla, Nio Stall: R2 Launch and Software Growth in Focus
• Positive Sentiment: Rivian’s stock is also benefiting from improved sentiment across EV names and trader interest, which has helped push shares higher despite technical warning signs. Rivian Stock Climbs Friday: What's Driving The Move?
• Neutral Sentiment: Rivian remains a trending stock, suggesting elevated investor attention and the potential for continued volatility as traders reassess the company’s outlook. Rivian Automotive, Inc. (RIVN) Is a Trending Stock: Facts to Know Before Betting on It
• Negative Sentiment: The biggest drag is a new NHTSA investigation into 114,922 R1S and R1T vehicles over a possible rear toe link defect, raising recall, repair, and reputational risk. US auto safety regulator opens probe into nearly 115,000 Rivian vehicles
• Negative Sentiment: Follow-up reports say the probe stems from rear suspension failures that may have caused vehicles to swerve, which could increase scrutiny and pressure on the stock if the issue widens. Rivian under investigation over rear suspension failures on R1 models

Analyst Ratings Changes

A number of research firms recently issued reports on RIVN. Bank of America began coverage on shares of Rivian Automotive in a report on Wednesday, March 4th. They set an "underperform" rating and a $14.00 price objective for the company. Cantor Fitzgerald raised their price objective on shares of Rivian Automotive from $18.00 to $19.00 and gave the stock a "neutral" rating in a report on Friday, May 1st. Wall Street Zen upgraded shares of Rivian Automotive from a "strong sell" rating to a "sell" rating in a report on Sunday, May 10th. Needham & Company LLC restated a "buy" rating and set a $23.00 price objective on shares of Rivian Automotive in a report on Friday, May 1st. Finally, UBS Group upgraded shares of Rivian Automotive from a "sell" rating to a "neutral" rating and raised their price objective for the stock from $15.00 to $16.00 in a report on Friday, February 13th. Twelve investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $18.57.

Hedge Funds Weigh In On Rivian Automotive

Large investors have recently modified their holdings of the business. Illinois Municipal Retirement Fund boosted its stake in Rivian Automotive by 1.6% during the fourth quarter. Illinois Municipal Retirement Fund now owns 43,282 shares of the electric vehicle automaker's stock worth $853,000 after buying an additional 686 shares during the period. Merit Financial Group LLC boosted its stake in Rivian Automotive by 3.2% during the fourth quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker's stock worth $456,000 after buying an additional 718 shares during the period. Geneos Wealth Management Inc. boosted its stake in Rivian Automotive by 36.5% during the fourth quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker's stock worth $54,000 after buying an additional 739 shares during the period. Utah Retirement Systems boosted its stake in Rivian Automotive by 0.6% during the fourth quarter. Utah Retirement Systems now owns 128,500 shares of the electric vehicle automaker's stock worth $2,533,000 after buying an additional 744 shares during the period. Finally, Tradition Wealth Management LLC boosted its stake in Rivian Automotive by 5.7% during the fourth quarter. Tradition Wealth Management LLC now owns 14,056 shares of the electric vehicle automaker's stock worth $277,000 after buying an additional 753 shares during the period. Hedge funds and other institutional investors own 66.25% of the company's stock.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.