Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report) insider Michael John Callahan sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $16.29, for a total transaction of $244,350.00. Following the completion of the sale, the insider directly owned 1,016,776 shares of the company’s stock, valued at approximately $16,563,281.04. This represents a 1.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Rivian Automotive Stock Down 2.0%
NASDAQ:RIVN opened at $15.54 on Wednesday. The stock’s fifty day moving average price is $16.29 and its two-hundred day moving average price is $15.91. Rivian Automotive, Inc. has a 52-week low of $12.39 and a 52-week high of $22.69. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.65 and a current ratio of 2.10. The company has a market cap of $22.50 billion, a price-to-earnings ratio of -6.02 and a beta of 1.62.
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last released its earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.66) by $0.03. The company 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 business’s revenue for the quarter was up 27.2% on a year-over-year basis. During the same period last year, the firm earned ($0.97) EPS. On average, analysts anticipate that Rivian Automotive, Inc. will post -2.98 EPS for the current year.
Rivian Automotive News Summary
- Positive Sentiment: Rivian’s financial turnaround has prompted an analyst-rating upgrade, suggesting that improving operating performance may make the stock less clearly bearish than before. Rivian: Financial Turnaround Makes This Less A Clear Sell (Rating Upgrade)
- Positive Sentiment: Citi initiated coverage with an $18 price target, implying potential upside from recent levels, although its neutral rating indicates that the firm does not see a strong near-term catalyst. Citi initiates Rivian coverage with neutral rating, $18 target
- Neutral Sentiment: At Morgan Stanley’s Laguna Conference, Rivian discussed its business and outlook. The supplied report identifies the presentation but does not provide specific new guidance or announcements that would materially change the investment case. Rivian Automotive Presents at Morgan Stanley’s 14th Annual Laguna Conference Transcript
- Neutral Sentiment: Rivian is being compared with Eaton as an investment choice: Rivian offers higher-growth potential through its R2 platform and commercial partnerships, but carries considerably more execution and profitability risk. Eaton vs. Rivian Automotive
- Negative Sentiment: Rivian declined more sharply than the broader market in the latest session, indicating continued sensitivity to weak sentiment across the EV industry. Rivian Sees a More Significant Dip Than Broader Market
- Negative Sentiment: Commentary that the EV “bubble” has burst reinforces concerns about industry-wide demand, competition and valuation, which can pressure Rivian despite its longer-term growth plans. The EV bubble has burst. How to play Rivian stock now.
Institutional Trading of Rivian Automotive
Large investors have recently bought and sold shares of the business. Parallel Advisors LLC grew 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 valued at $242,000 after acquiring an additional 613 shares during the period. Tradition Wealth Management LLC lifted its stake in Rivian Automotive by 5.7% in the fourth quarter. Tradition Wealth Management LLC now owns 14,056 shares of the electric vehicle automaker’s stock valued at $277,000 after purchasing an additional 753 shares during the last quarter. Reynders McVeigh Capital Management LLC grew its holdings in Rivian Automotive by 6.8% during 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 purchasing an additional 1,000 shares during the period. Assenagon Asset Management S.A. grew its holdings in Rivian Automotive by 2.0% during 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 purchasing an additional 1,134 shares during the period. Finally, MTM Investment Management LLC increased its position in Rivian Automotive by 115.0% in 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 last quarter. 66.25% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several brokerages have weighed in on RIVN. Needham & Company LLC reissued a “buy” rating on shares of Rivian Automotive in a report on Monday, August 10th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $19.00 target price on shares of Rivian Automotive in a research note on Tuesday, July 28th. Citigroup began coverage on shares of Rivian Automotive in a research note on Monday. They set a “neutral” rating and a $18.00 price target for the company. Weiss Ratings upgraded shares of Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. Finally, BNP Paribas Exane raised their price objective 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. Twelve analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $19.00.
Check Out Our Latest Report on RIVN
About Rivian Automotive
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.
See Also
- Five stocks we like better than Rivian Automotive
- Running on Empty: 3 Energy Plays for Europe’s Deep Freeze
- 3 Healthcare Stocks for 3 Stages of Life
- Curaleaf Tries To Roll Up Aurora In a Hostile Cannabis Bid
- MarketBeat’s Most Downgraded Stocks in Q3: 2 Look Cheap, 1 Looks Risky
Receive News & Ratings for Rivian Automotive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rivian Automotive and related companies with MarketBeat.com's FREE daily email newsletter.
