Insider Selling: Rivian Automotive (NASDAQ:RIVN) CEO Sells 17,450 Shares of Stock

by · The Markets Daily

Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report) CEO Robert Scaringe sold 17,450 shares of the business’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $17.53, for a total transaction of $305,898.50. Following the transaction, the chief executive officer directly owned 1,167,559 shares in the company, valued at $20,467,309.27. This trade represents a 1.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Rivian Automotive Stock Performance

Shares of NASDAQ RIVN traded down $1.07 during mid-day trading on Thursday, hitting $16.43. The company had a trading volume of 97,020,629 shares, compared to its average volume of 38,550,848. Rivian Automotive, Inc. has a 12 month low of $10.36 and a 12 month high of $18.60. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. The firm has a market cap of $20.14 billion, a P/E ratio of -5.28 and a beta of 1.79. The business’s 50-day simple moving average is $14.82 and its 200-day simple moving average is $14.03.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Prospera Financial Services Inc raised its stake in shares of Rivian Automotive by 5.2% during the 3rd quarter. Prospera Financial Services Inc now owns 15,803 shares of the electric vehicle automaker’s stock worth $232,000 after buying an additional 775 shares during the period. Siemens Fonds Invest GmbH grew its stake in Rivian Automotive by 7.7% in the 3rd quarter. Siemens Fonds Invest GmbH now owns 10,874 shares of the electric vehicle automaker’s stock valued at $160,000 after acquiring an additional 780 shares during the period. Equitable Holdings Inc. increased its holdings in Rivian Automotive by 5.8% in the 3rd quarter. Equitable Holdings Inc. now owns 14,699 shares of the electric vehicle automaker’s stock worth $216,000 after acquiring an additional 803 shares in the last quarter. TD Asset Management Inc raised its position in Rivian Automotive by 1.2% during the second quarter. TD Asset Management Inc now owns 75,841 shares of the electric vehicle automaker’s stock worth $1,042,000 after acquiring an additional 870 shares during the period. Finally, First National Trust Co lifted its holdings in Rivian Automotive by 5.6% during the third quarter. First National Trust Co now owns 16,900 shares of the electric vehicle automaker’s stock valued at $248,000 after purchasing an additional 900 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on RIVN shares. Morgan Stanley restated an “underweight” rating and issued a $12.00 target price on shares of Rivian Automotive in a research note on Monday. Canaccord Genuity Group reissued a “buy” rating and set a $21.00 price target on shares of Rivian Automotive in a report on Friday, October 3rd. Mizuho restated an “underperform” rating and issued a $10.00 price target (down from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. The Goldman Sachs Group dropped their price objective on shares of Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Wednesday, November 5th. Finally, Cfra Research upgraded shares of Rivian Automotive to a “moderate sell” rating in a research note on Thursday, October 2nd. Six analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and six have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $14.34.

Read Our Latest Report on RIVN

About Rivian Automotive

(Get Free Report)

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.

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