Shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report) fell 4.2% during trading on Thursday . The company traded as low as $16.36 and last traded at $16.46. Approximately 29,584,588 shares traded hands during trading, a decline of 7% from the average session volume of 31,805,418 shares. The stock had previously closed at $17.18.
Key Stories Impacting Rivian Automotive
Here are the key news stories impacting Rivian Automotive this week:
- Positive Sentiment: Rivian filed a lawsuit seeking a full refund of tariffs it paid under Trump-era import taxes, which could return tens of millions of dollars to the company if successful and provide a direct boost to cash flow. Rivian sues the US government for ‘full refund’ of Trump tariffs
- Positive Sentiment: Investor attention is also focusing on Rivian’s improving relative performance versus peers, with the stock benefiting from a broader rotation away from Tesla and toward EV names like Rivian. Tesla Sinks 18% in a Month as Lucid Climbs 21%, Rivian Gains 9%: SpaceX Anxiety or Cracks Under the Hood?
- Neutral Sentiment: Rivian remains in focus ahead of its June-quarter earnings report on July 30, with analysts debating whether the company can deliver a better-than-expected result after a volatile year-to-date performance. Rivian Automotive (RIVN) As June Quarter Results Near Fair Value Stays In Focus
- Neutral Sentiment: Rivian is also being viewed as having a relatively weak setup for an earnings beat, which adds uncertainty but does not by itself confirm a major near-term catalyst. Rivian Automotive (RIVN) May Report Negative Earnings: Know the Trend Ahead of Next Week’s Release
- Negative Sentiment: News that Volkswagen engineers were charged with insider trading tied to the Rivian joint venture may create some headline risk around the partnership, even though the allegations are aimed at individuals rather than Rivian itself. Volkswagen engineers charged with insider trading tied to Rivian joint venture
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on the stock. Tigress Financial reissued a “buy” rating and issued a $25.00 price objective on shares of Rivian Automotive in a research report on Friday, April 10th. UBS Group boosted their target price on Rivian Automotive from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. Morgan Stanley upped their target price on Rivian Automotive from $12.00 to $13.00 and gave the company an “underweight” rating in a research note on Tuesday, July 14th. Needham & Company LLC reiterated a “buy” rating and issued a $23.00 price target on shares of Rivian Automotive in a report on Wednesday, June 10th. Finally, Wall Street Zen raised Rivian Automotive from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Twelve equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and six have issued a Sell rating to the company. According to MarketBeat, Rivian Automotive currently has an average rating of “Hold” and an average price target of $18.86.
Rivian Automotive Stock Down 3.8%
The company has a market cap of $21.56 billion, a P/E ratio of -5.42 and a beta of 1.60. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10. The business’s fifty day moving average is $16.32 and its two-hundred day moving average is $16.00.
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last issued its earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) EPS for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.05. The business had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.37 billion. Rivian Automotive had a negative net margin of 63.62% and a negative return on equity of 75.65%. The company’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.48) EPS. Equities analysts predict that Rivian Automotive, Inc. will post -3.06 EPS for the current year.
Insider Buying and Selling
In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,818 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total transaction of $522,270.00. Following the transaction, the chief executive officer directly owned 922,286 shares in the company, valued at $13,834,290. This trade represents a 3.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of Rivian Automotive stock in a transaction on Friday, May 29th. The shares were sold at an average price of $16.00, for a total value of $128,368.00. Following the sale, the chief financial officer directly owned 887,007 shares of the company’s stock, valued at approximately $14,192,112. This trade represents a 0.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 68,385 shares of company stock valued at $1,125,094 over the last quarter. 1.48% of the stock is owned by corporate insiders.
Institutional Trading of Rivian Automotive
Several institutional investors and hedge funds have recently made changes to their positions in the company. Core Wealth Advisors LLC bought a new position in Rivian Automotive during the 4th quarter worth about $27,000. SOA Wealth Advisors LLC. raised its holdings in shares of Rivian Automotive by 894.2% in the 4th quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after purchasing an additional 1,395 shares in the last quarter. Zions Bancorporation National Association UT purchased a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $33,000. Glass Jacobson Investment Advisors llc lifted its position in shares of Rivian Automotive by 96.3% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock worth $34,000 after purchasing an additional 852 shares during the period. Finally, Newbridge Financial Services Group Inc. boosted its stake in shares of Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 1,000 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.
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.
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