Rivian Automotive, Inc. CEO Robert Scaringe sold 17,450 shares of the company’s stock on November 25, 2023, in a transaction valued at approximately $263,669.50. The shares were sold at an average price of $15.11 each. Following this sale, Scaringe retains ownership of 1,185,009 shares, which is worth about $17,905,485.99. This sale marks a 1.45% decrease in his overall stake in the electric vehicle manufacturer.
The transaction was officially reported in a filing with the Securities and Exchange Commission (SEC), which is publicly accessible on the SEC’s website. Scaringe’s stock activity comes at a time when Rivian’s shares have shown a notable increase, trading up 4.3% on the following Friday, opening at $16.88.
Market Performance and Investor Interest
Rivian Automotive’s stock has been on a trajectory of growth, with a market capitalization of $20.69 billion. The company has a price-to-earnings ratio of -5.43, indicating current losses relative to its share price, and a beta of 1.81, suggesting higher volatility compared to the broader market. Over the past year, the stock has fluctuated between a low of $10.36 and a high of $18.13.
Investors have been taking note of Rivian’s performance. Institutional investors and hedge funds now hold approximately 66.25% of the company’s stock. Recent activity among large investors includes a significant increase in holdings by Assetmark Inc., which raised its stake by 315.6% in the second quarter, now owning 1,787 shares valued at $25,000. Similarly, Banque Transatlantique SA expanded its position by an astonishing 13,194.1%, now holding 2,260 shares worth $26,000.
Analyst Ratings and Future Outlook
The sentiment among analysts regarding Rivian’s stock remains mixed. In a recent report, Wall Street Zen upgraded Rivian from a “sell” to a “hold” rating. Conversely, Wedbush lowered its price target from $18.00 to $16.00 while maintaining an “outperform” rating. Morgan Stanley also revised its target down from $13.00 to $12.00. Meanwhile, UBS Group adjusted its target upwards to $13.00 from $12.00, maintaining a “neutral” stance.
The consensus among analysts indicates an average rating of “Hold” with a target price of $14.34. Six analysts have rated the stock as a Buy, while sixteen have rated it as Hold and five as Sell, reflecting a cautious but varied outlook on Rivian’s future performance.
Rivian Automotive, Inc. designs and manufactures electric vehicles, including the R1T pickup truck and R1S sport utility vehicle. As the market for electric vehicles continues to expand, Rivian’s performance and strategic decisions, including recent stock transactions by its leadership, will be closely monitored by investors and analysts alike.
