Rivian Automotive (NASDAQ:RIVN) Trading Up 1.1% – Here’s What Happened

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 1.1% on Thursday . The company traded as high as $16.09 and last traded at $15.40. 25,537,713 shares changed hands during mid-day trading, a decline of 14% from the average session volume of 29,629,727 shares. The stock had previously closed at $15.23.

Rivian Automotive News Summary

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: Rivian continues to attract bullish attention because of its cash position, improving gross profitability and lack of recent shareholder dilution. Investors see potential upside if the company executes successfully on its R2 vehicle program. The 3 Charts That Show Rivian Could Soar
• Positive Sentiment: Rivian rose alongside Lucid during renewed enthusiasm for electric-vehicle and autonomous-driving opportunities after Lucid announced a major European robotaxi agreement. Although the deal was for Lucid, it supported broader sector sentiment and highlighted potential future demand for EV technology. Lucid and Rivian EV Sector News
• Neutral Sentiment: Rivian will participate in Evercore’s ADAS, AV & AI Forum on September 29. The presentation could provide updates on autonomy, artificial intelligence and advanced driver-assistance technology, but no new financial or operational targets were announced. Rivian to Participate in Evercore ADAS, AV and AI Forum
• Negative Sentiment: Michael John Callahan sold 15,000 Rivian shares for approximately $244,350. The sale reduced his holdings by 1.45% and was conducted under a pre-arranged Rule 10b5-1 plan, which makes it less indicative of a discretionary bearish view but still creates short-term selling pressure. Michael John Callahan Sells Rivian Shares
• Negative Sentiment: RIVN decreased even as the broader market gained, indicating that the insider transaction and ongoing concerns about Rivian’s losses may be outweighing its growth prospects in the near term. The company remains unprofitable, with analysts expecting a full-year loss.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Stifel Nicolaus set a $22.00 target price on shares of Rivian Automotive in a research note on Monday, August 24th. Royal Bank Of Canada boosted their price objective on 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 lifted their price objective on shares of Rivian Automotive from $20.00 to $21.00 and gave the company a “buy” rating in a report on Friday, July 31st. UBS Group boosted their price objective on Rivian Automotive from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Finally, Jefferies Financial Group lifted their target price on Rivian Automotive from $16.00 to $17.00 and gave the company a “hold” rating in a research report on Tuesday, July 7th. Twelve analysts have rated the stock with a Buy rating, nine have issued a Hold rating and seven have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and a consensus target price of $19.00.

Rivian Automotive Stock Performance

The firm has a market cap of $21.70 billion, a PE ratio of -5.81 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 company has a 50-day simple moving average of $16.16 and a two-hundred day simple moving average of $15.90.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.66) by $0.03. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The firm had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the firm posted ($0.97) EPS. The business’s revenue was up 27.2% compared to the same quarter last year. As a group, equities research analysts forecast that Rivian Automotive, Inc. will post -2.98 earnings per share for the current year.

Insider Activity

In other Rivian Automotive news, CFO Claire McDonough sold 13,144 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total transaction of $190,588.00. Following the completion of the transaction, the chief financial officer directly owned 827,201 shares of the company’s stock, valued at approximately $11,994,414.50. This represents a 1.56% decrease in their ownership of the stock. The sale 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Karen Boone sold 20,000 shares of the firm’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the sale, the director directly owned 110,000 shares of the company’s stock, valued at $2,200,000. This represents a 15.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 56,167 shares of company stock valued at $963,306 in the last three months. Company insiders own 1.48% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently added to or reduced their stakes in the company. Reynders McVeigh Capital Management LLC lifted 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 last quarter. Tidal Investments LLC raised its position in shares of Rivian Automotive by 2.3% in the second quarter. Tidal Investments LLC now owns 292,956 shares of the electric vehicle automaker’s stock valued at $5,083,000 after purchasing an additional 6,566 shares during the period. MCF Advisors LLC raised its position in shares of Rivian Automotive by 3,500.0% in the second quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker’s stock valued at $31,000 after purchasing an additional 1,750 shares during the period. National Pension Service purchased a new stake in shares of Rivian Automotive during the 2nd quarter valued at approximately $790,000. Finally, Integrated Wealth Concepts LLC boosted its holdings in Rivian Automotive by 21.4% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 33,437 shares of the electric vehicle automaker’s stock worth $580,000 after buying an additional 5,896 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.