Robert Scaringe Sells 34,818 Shares of Rivian Automotive (NASDAQ:RIVN) Stock

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

Rivian Automotive Stock Performance

Shares of RIVN opened at $16.30 on Friday. Rivian Automotive, Inc. has a 12 month low of $11.57 and a 12 month high of $22.69. The firm has a fifty day simple moving average of $15.28 and a 200 day simple moving average of $16.30. The stock has a market capitalization of $20.23 billion, a price-to-earnings ratio of -5.58 and a beta of 1.64. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RIVN. Wells Fargo & Company increased their target price on shares of Rivian Automotive from $12.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, February 13th. Bank of America began coverage on shares of Rivian Automotive in a research report on Wednesday, March 4th. They set an “underperform” rating and a $14.00 price target on the stock. Deutsche Bank Aktiengesellschaft raised shares of Rivian Automotive from a “hold” rating to a “buy” rating and upped their price target for the stock from $16.00 to $23.00 in a research report on Friday, February 13th. Piper Sandler dropped their price target on shares of Rivian Automotive from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Friday, February 13th. Finally, TD Cowen raised shares of Rivian Automotive from a “hold” rating to a “buy” rating and upped their price target for the stock from $17.00 to $20.00 in a research report on Tuesday, March 10th. Twelve 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. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $18.57.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently modified their holdings of RIVN. Brighton Jones LLC raised its position in shares of Rivian Automotive by 28.0% in the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after purchasing an additional 3,864 shares during the period. AQR Capital Management LLC raised its position in shares of Rivian Automotive by 1.5% in the first quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock valued at $4,733,000 after purchasing an additional 5,590 shares during the period. Empowered Funds LLC raised its position in shares of Rivian Automotive by 10.1% in the first quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock valued at $679,000 after purchasing an additional 4,998 shares during the period. Focus Partners Wealth raised its position in shares of Rivian Automotive by 29.0% in the first quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock valued at $803,000 after purchasing an additional 14,497 shares during the period. Finally, Geneos Wealth Management Inc. raised its position in shares of Rivian Automotive by 57.1% in the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock valued at $64,000 after purchasing an additional 1,856 shares during the period. 66.25% of the stock is owned by institutional investors.

Rivian Automotive News Summary

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

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.