Claire Mcdonough Sells 8,023 Shares of Rivian Automotive (NASDAQ:RIVN) Stock

Rivian Automotive, Inc. (NASDAQ:RIVN) CFO Claire Mcdonough sold 8,023 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $16.00, for a total value of $128,368.00. Following the completion of the transaction, the chief financial officer owned 887,007 shares in the company, valued at approximately $14,192,112. This represents a 0.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Claire Mcdonough also recently made the following trade(s):

• On Monday, May 18th, Claire Mcdonough sold 5,544 shares of Rivian Automotive stock. The shares were sold at an average price of $13.43, for a total value of $74,455.92.
• On Wednesday, April 22nd, Claire Mcdonough sold 10,245 shares of Rivian Automotive stock. The shares were sold at an average price of $18.00, for a total value of $184,410.00.

Rivian Automotive Trading Up 2.0%

Rivian Automotive stock traded up $0.34 during mid-day trading on Tuesday, hitting $17.29. The stock had a trading volume of 43,402,650 shares, compared to its average volume of 29,852,022. Rivian Automotive, Inc. has a 12 month low of $11.57 and a 12 month high of $22.69. The stock has a 50-day simple moving average of $15.29 and a two-hundred day simple moving average of $16.29. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $21.46 billion, a PE ratio of -5.92 and a beta of 1.62.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds have recently modified their holdings of RIVN. Norges Bank acquired a new stake in shares of Rivian Automotive during the fourth quarter worth about $220,323,000. Renaissance Technologies LLC raised its position in Rivian Automotive by 32.4% in the 4th quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock valued at $323,195,000 after buying an additional 4,012,386 shares during the last quarter. Vanguard Group Inc. raised its position in Rivian Automotive by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock valued at $1,198,967,000 after buying an additional 2,597,310 shares during the last quarter. Capital International Investors raised its position in Rivian Automotive by 13.2% in the 4th quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after buying an additional 2,418,717 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in Rivian Automotive by 496.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after buying an additional 1,918,852 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Analysts Set New Price Targets

RIVN has been the topic of a number of recent analyst reports. Piper Sandler reduced their target price on Rivian Automotive from $20.00 to $18.00 and set a “neutral” rating on the stock in a report on Friday, February 13th. Weiss Ratings cut shares of Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 4th. TD Cowen upgraded shares of Rivian Automotive from a “hold” rating to a “buy” rating and boosted their price objective for the company from $17.00 to $20.00 in a report on Tuesday, March 10th. Jefferies Financial Group restated a “hold” rating and set a $15.00 price objective on shares of Rivian Automotive in a report on Tuesday, March 3rd. Finally, 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. Twelve analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $18.57.

About Rivian Automotive

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.