Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) Director Karen Boone sold 20,000 shares of the company's stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $20.00, for a total transaction of $400,000.00. Following the completion of the sale, the director directly owned 110,000 shares of the company's stock, valued at $2,200,000. The trade was a 15.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Rivian Automotive Trading Up 1.0%
Shares of NASDAQ RIVN opened at $16.66 on Thursday. The company's fifty day moving average is $15.71 and its 200-day moving average is $16.26. The stock has a market cap of $20.67 billion, a price-to-earnings ratio of -5.71 and a beta of 1.60. Rivian Automotive, Inc. has a twelve month low of $11.57 and a twelve month high of $22.69. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00.
Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.60) by $0.05. Rivian Automotive had a negative net margin of 63.62% and a negative return on equity of 75.65%. The company had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the previous year, the business earned ($0.48) EPS. The firm's revenue was up 11.4% on a year-over-year basis. Equities research analysts predict that Rivian Automotive, Inc. will post -3.09 EPS for the current year.
Institutional Trading of Rivian Automotive
Several hedge funds and other institutional investors have recently modified their holdings of the company. Parallel Advisors LLC lifted its holdings in shares of Rivian Automotive by 4.0% in the first quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker's stock valued at $242,000 after purchasing an additional 613 shares in the last quarter. Illinois Municipal Retirement Fund grew its holdings in shares of Rivian Automotive by 1.6% during the fourth quarter. Illinois Municipal Retirement Fund now owns 43,282 shares of the electric vehicle automaker's stock worth $853,000 after buying an additional 686 shares in the last quarter. Merit Financial Group LLC raised its position in Rivian Automotive by 3.2% in the 4th quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker's stock valued at $456,000 after buying an additional 718 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in Rivian Automotive by 36.5% in the 4th quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker's stock valued at $54,000 after acquiring an additional 739 shares in the last quarter. Finally, Utah Retirement Systems lifted its stake in Rivian Automotive by 0.6% in the 4th quarter. Utah Retirement Systems now owns 128,500 shares of the electric vehicle automaker's stock valued at $2,533,000 after acquiring an additional 744 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.
Rivian Automotive News Summary
Here are the key news stories impacting Rivian Automotive this week:
- Positive Sentiment: Analysts at BNP Paribas Exane raised their price target on Rivian to $24 and maintained an outperform rating, signaling confidence in longer-term upside despite the selloff.
- Positive Sentiment: Rivian’s Q2 delivery update was stronger than expected, and the company lifted its full-year delivery outlook, which supports the growth story for its upcoming R2 launch.
- Neutral Sentiment: Rivian’s latest article highlights that the new capital could help fund expansion, manufacturing capacity, and the R2 program, but investors are still waiting to see whether the added cash improves execution. Rivian’s 75 Million-Share Offering Turns the R2 Growth Story Into a Dilution Test
- Neutral Sentiment: Broader coverage notes that Rivian still has a solid revenue outlook and stronger cash position than before, but the company remains unprofitable and capital-intensive as it ramps production. Rivian’s 75 Million-Share Offering Turns the R2 Growth Story Into a Dilution Test
- Negative Sentiment: The share offering is the main overhang, as investors worry the new stock sale will dilute existing holders and signal that Rivian still needs substantial outside funding to support growth.
- Negative Sentiment: Several articles point to the selloff being driven by cash-burn concerns and the risk that Rivian must keep raising capital before its business can scale profitably.
Analyst Upgrades and Downgrades
Several brokerages have issued reports on RIVN. TD Cowen restated a "buy" rating and issued a $20.00 price target on shares of Rivian Automotive in a report on Wednesday, June 3rd. Canaccord Genuity Group reiterated a "buy" rating and set a $22.00 price objective on shares of Rivian Automotive in a report on Monday, April 6th. Wall Street Zen upgraded Rivian Automotive from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 10th. Weiss Ratings raised Rivian Automotive from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday. Finally, Tigress Financial restated a "buy" rating and set a $25.00 target price on shares of Rivian Automotive in a report on Friday, April 10th. Twelve research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have assigned a Sell rating to the company's stock. According to MarketBeat.com, Rivian Automotive presently has an average rating of "Hold" and an average target price of $18.76.
Check Out Our Latest Analysis on Rivian Automotive
About Rivian Automotive
(
Get Free Report)
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.
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