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

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 shares were sold at an average price of $20.00, for a total value of $400,000.00. Following 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 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.

Rivian Automotive Stock Performance

Shares of RIVN opened at $18.12 on Friday. The business has a 50-day simple moving average of $15.75 and a two-hundred day simple moving average of $16.23. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00. Rivian Automotive, Inc. has a 52 week low of $11.57 and a 52 week high of $22.69. The stock has a market cap of $22.49 billion, a price-to-earnings ratio of -6.21 and a beta of 1.60.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data 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. The firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The business’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.48) EPS. On average, analysts expect that Rivian Automotive, Inc. will post -3.09 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. UBS Group upped their price target on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Thursday. Cantor Fitzgerald restated a “neutral” rating on shares of Rivian Automotive in a research report on Monday, June 15th. BNP Paribas Exane lifted their target price on shares of Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday. Benchmark reaffirmed a “buy” rating and issued a $25.00 target price on shares of Rivian Automotive in a report on Friday, May 1st. Finally, TD Cowen reiterated a “buy” rating and issued a $20.00 price target on shares of Rivian Automotive in a research note on Wednesday, June 3rd. 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 company’s stock. According to MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average price target of $18.81.

Key Stories Impacting Rivian Automotive

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

• Positive Sentiment: Stifel raised its price target on Rivian and highlighted optimism around the R2 launch and the company’s next growth phase.
• Positive Sentiment: BNP Paribas Exane lifted its target to $24 and kept an outperform rating, reinforcing bullish sentiment from Wall Street.
• Positive Sentiment: Rivian’s stock broke above its 20-day moving average, suggesting improving short-term momentum for traders.
• Neutral Sentiment: UBS raised its target to $17 but kept a neutral rating, signaling limited near-term upside in its view.
• Negative Sentiment: Rivian’s $1.2 billion share offering remains an overhang because investors worry about dilution and ongoing cash burn needed to fund expansion and the R2 program. Rivian’s 75 Million-Share Offering Turns the R2 Growth Story Into a Dilution Test
• Negative Sentiment: Recent insider selling by a director added to the cautious tone, even though the trade was made under a pre-arranged 10b5-1 plan.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently modified their holdings of the stock. Newbridge Financial Services Group Inc. grew its stake in 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 acquiring an additional 1,000 shares in the last quarter. Core Wealth Advisors LLC purchased a new stake in Rivian Automotive in the 4th quarter worth $27,000. SOA Wealth Advisors LLC. boosted its holdings in shares of Rivian Automotive by 894.2% during 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 during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Rivian Automotive during the 3rd quarter valued at about $31,000. Finally, Zions Bancorporation National Association UT purchased a new position in shares of Rivian Automotive during the fourth quarter valued at about $33,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.