Rivian Automotive (NASDAQ:RIVN) Director Karen Boone Sells 20,000 Shares

Rivian Automotive, Inc. (NASDAQ:RIVN) Director Karen Boone sold 20,000 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the sale, the director owned 110,000 shares of the company’s stock, valued at $2,200,000. This represents a 15.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rivian Automotive Trading Up 1.0%

NASDAQ:RIVN traded up $0.17 during mid-day trading on Wednesday, hitting $16.66. The company had a trading volume of 110,744,660 shares, compared to its average volume of 32,529,750. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10. Rivian Automotive, Inc. has a fifty-two week low of $11.57 and a fifty-two week high of $22.69. The firm has a market cap of $20.67 billion, a P/E ratio of -5.71 and a beta of 1.60. The business’s fifty day moving average is $15.71 and its two-hundred day moving average is $16.26.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.60) by $0.05. The company had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The company’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.48) EPS. As a group, research analysts expect that Rivian Automotive, Inc. will post -3.09 earnings per share for the current year.

Institutional Trading of Rivian Automotive

A number of large investors have recently bought and sold shares of the business. Newbridge Financial Services Group Inc. raised its holdings in Rivian Automotive by 113.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 1,000 shares during the period. Core Wealth Advisors LLC acquired a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $27,000. SOA Wealth Advisors LLC. boosted its holdings in shares of Rivian Automotive by 894.2% in the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after buying an additional 1,395 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Rivian Automotive during the third quarter worth $31,000. Finally, Zions Bancorporation National Association UT bought a new stake in shares of Rivian Automotive during the fourth quarter worth $33,000. 66.25% of the stock is owned by institutional investors.

More Rivian Automotive News

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.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Weiss Ratings raised shares of Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday. BNP Paribas Exane boosted their price target on shares of Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday. Tigress Financial restated a “buy” rating and issued a $25.00 price objective on shares of Rivian Automotive in a research report on Friday, April 10th. TD Cowen reaffirmed a “buy” rating and set a $20.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 3rd. Finally, Leerink Partners reiterated an “outperform” rating on shares of Rivian Automotive in a report on Thursday, March 12th. Twelve investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $18.76.

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.