Key Points
- Rivian insider Michael John Callahan sold 15,000 shares at an average price of $16.29, generating $244,350. The transaction was conducted under a pre-arranged Rule 10b5-1 plan, leaving him with 1,016,776 shares.
- Rivian reported quarterly revenue of $1.66 billion, exceeding estimates of $1.52 billion, while its adjusted loss of $0.63 per share was narrower than expected. However, the company continues to post significant losses, including a negative net margin of 54.96%.
- Analyst sentiment is mixed, with 12 Buy, nine Hold, and seven Sell ratings; the consensus rating is Hold and the average price target is $19.00. Institutional investors own approximately 66.25% of Rivian’s outstanding stock.
Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) insider Michael John Callahan sold 15,000 shares of the firm's stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $16.29, for a total value of $244,350.00. Following the sale, the insider directly owned 1,016,776 shares in the company, valued at approximately $16,563,281.04. This represents a 1.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Rivian Automotive Price Performance
Shares of Rivian Automotive stock opened at $15.23 on Thursday. The company has a market capitalization of $22.05 billion, a price-to-earnings ratio of -5.90 and a beta of 1.62. The company has a quick ratio of 1.65, a current ratio of 2.10 and a debt-to-equity ratio of 0.87. The stock's 50-day simple moving average is $16.26 and its 200-day simple moving average is $15.91. Rivian Automotive, Inc. has a 52 week low of $12.39 and a 52 week high of $22.69.
Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.66) by $0.03. The firm had revenue of $1.66 billion during the quarter, compared to analysts' expectations of $1.52 billion. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The firm's revenue was up 27.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.97) earnings per share. As a group, analysts expect that Rivian Automotive, Inc. will post -2.98 earnings per share for the current fiscal year.
More Rivian Automotive News
Here are the key news stories impacting Rivian Automotive this week:
- Positive Sentiment: Rivian was highlighted as a beaten-down stock with substantial long-term upside potential. The opportunity depends on successful execution of the R2 program and continued improvement in the company’s financial performance. 2 Beaten-Down Stocks With Massive Upside Potential
Wall Street Analysts Forecast Growth
RIVN has been the subject of a number of research analyst reports. Royal Bank Of Canada increased their price objective on shares of Rivian Automotive from $14.00 to $16.00 and gave the company a "sector perform" rating in a report on Friday, July 31st. TD Cowen upped their target price on shares of Rivian Automotive from $20.00 to $21.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Piper Sandler upgraded shares of Rivian Automotive from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $18.00 to $20.00 in a research report on Monday, July 27th. BNP Paribas Exane raised their target price on shares of Rivian Automotive from $22.00 to $24.00 and gave the company an "outperform" rating in a research note on Wednesday, July 8th. Finally, Jefferies Financial Group lifted their price target on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a "hold" rating in a report on Tuesday, July 7th. Twelve equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and seven have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $19.00.
Check Out Our Latest Report on RIVN
Institutional Trading of Rivian Automotive
Large investors have recently made changes to their positions in the business. Parallel Advisors LLC increased its position in shares of Rivian Automotive by 4.0% during the 1st quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker's stock worth $242,000 after purchasing an additional 613 shares during the last quarter. Tradition Wealth Management LLC raised its holdings in Rivian Automotive by 5.7% in the 4th quarter. Tradition Wealth Management LLC now owns 14,056 shares of the electric vehicle automaker's stock valued at $277,000 after buying an additional 753 shares during the period. Reynders McVeigh Capital Management LLC lifted its position in Rivian Automotive by 6.8% in the second quarter. Reynders McVeigh Capital Management LLC now owns 15,767 shares of the electric vehicle automaker's stock valued at $274,000 after buying an additional 1,000 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in Rivian Automotive by 2.0% in the second quarter. Assenagon Asset Management S.A. now owns 56,758 shares of the electric vehicle automaker's stock valued at $985,000 after buying an additional 1,134 shares during the last quarter. Finally, MTM Investment Management LLC boosted its stake in Rivian Automotive by 115.0% during the fourth quarter. MTM Investment Management LLC now owns 2,150 shares of the electric vehicle automaker's stock worth $42,000 after buying an additional 1,150 shares during the period. 66.25% of the stock is currently owned by institutional investors.
About Rivian Automotive
(
Get Free Report)
Rivian Automotive, Inc designs, develops and manufactures electric vehicles and related technology. Its consumer vehicle lineup includes the R1T electric pickup truck and R1S electric SUV, which are designed for on-road and off-road use. The company also develops charging solutions, vehicle software and connected services intended to support the ownership and operation of its electric vehicles.
Rivian produces electric commercial vans for delivery and fleet applications, including vehicles developed through its relationship with Amazon.
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