Rivian CEO Robert J. Scaringe Sells 71,429 Shares

On December 23rd, Robert J. Scaringe, the CEO of Rivian Automotive, Inc. (NASDAQ:RIVN), executed the sale of 71,429 shares of the company's stock. The shares were sold at an average price of $13.88, amounting to a total transaction value of $991,434.52. Following this sale, Scaringe retains ownership of 863,361 shares, with a current value of approximately $11,983,450.68. This transaction marks a 7.64% decrease in his ownership stake in Rivian. The details of the sale were disclosed in a filing made with the Securities and Exchange Commission (SEC).

Rivian Stock Performance

On the trading day following the sale, Rivian’s stock price showed slight movement, trading down by $0.02 to reach $14.04. The trading volume on this day was about 18,963,520 shares, compared to an average volume of 39,798,762 shares. Rivian’s stock has exhibited substantial variability, with a 12-month low of $8.26 and a high of $24.30. Currently, the company has a market capitalization of $14.33 billion, with a price-to-earnings (P/E) ratio of -2.51.

Institutional Ownership Trends

Several institutional investors have been adjusting their positions in Rivian. For instance, B. Riley Wealth Advisors Inc. increased its holdings by 72.2% during the third quarter, now owning 89,764 shares valued at around $994,000. Similarly, Tidal Investments LLC boosted its holding by 28.8%, acquiring an additional 60,205 shares, totaling to 268,952 shares worth $3,018,000. Institutional investors collectively hold 66.25% of Rivian's shares.

Analysts' Ratings and Forecasts

Equity analysts have varied opinions on Rivian’s stock. Benchmark initiated coverage with a "buy" rating and a target price of $18.00. Meanwhile, Truist Financial recently reduced its target from $16.00 to $12.00, maintaining a "hold" recommendation. According to MarketBeat.com, there is currently a consensus rating of "Hold" among analysts, with an average target price of $15.74.

About Rivian Automotive, Inc.

Rivian Automotive, Inc., along with its subsidiaries, focuses on the design, development, manufacturing, and sale of electric vehicles and their accessories. The company’s product line includes the R1T, a two-row, five-passenger electric pickup truck, and the R1S, a three-row, seven-passenger electric SUV.

Rivian, Scaringe, Investors