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 business’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $20.00, for a total transaction of $400,000.00. Following the completion of the transaction, the director directly owned 110,000 shares of the company’s stock, valued at approximately $2,200,000. This represents a 15.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rivian Automotive Price Performance

Shares of RIVN stock opened at $16.66 on Thursday. Rivian Automotive, Inc. has a 1 year low of $11.57 and a 1 year high of $22.69. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00. The firm’s 50 day moving average is $15.71 and its 200-day moving average is $16.26. The firm has a market capitalization of $20.67 billion, a price-to-earnings ratio of -5.71 and a beta of 1.60.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same quarter last year, the business posted ($0.48) earnings per share. Rivian Automotive’s revenue for the quarter was up 11.4% compared to the same quarter last year. Sell-side analysts forecast that Rivian Automotive, Inc. will post -3.09 EPS for the current fiscal year.

Key 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.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on RIVN shares. Canaccord Genuity Group reaffirmed a “buy” rating and set a $22.00 price target on shares of Rivian Automotive in a research note on Monday, April 6th. Tigress Financial reiterated a “buy” rating and issued a $25.00 price objective on shares of Rivian Automotive in a research report on Friday, April 10th. DA Davidson boosted their price objective on Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. Weiss Ratings upgraded shares of Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. Finally, Jefferies Financial Group upped their target price on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “hold” rating in a research report on Tuesday. Twelve research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average target price of $18.76.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RIVN. Brighton Jones LLC grew its stake in shares of Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after purchasing an additional 3,864 shares during the period. AQR Capital Management LLC boosted its holdings in Rivian Automotive by 1.5% during the first quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock worth $4,733,000 after buying an additional 5,590 shares during the last quarter. Empowered Funds LLC boosted its holdings in Rivian Automotive by 10.1% during the first quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock worth $679,000 after buying an additional 4,998 shares during the last quarter. Focus Partners Wealth grew its position in shares of Rivian Automotive by 29.0% during the 1st quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock worth $803,000 after buying an additional 14,497 shares during the period. Finally, Geneos Wealth Management Inc. grew its position in shares of Rivian Automotive by 57.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock worth $64,000 after buying an additional 1,856 shares during the period. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Company Profile

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.