Rivian Automotive (NASDAQ:RIVN) Trading Down 3.8% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded down 3.8% during trading on Friday . The stock traded as low as $15.68 and last traded at $15.84. Approximately 27,336,352 shares traded hands during mid-day trading, a decline of 14% from the average session volume of 31,762,771 shares. The stock had previously closed at $16.46.

Trending Headlines about 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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. BNP Paribas Exane upped their price target on Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. Morgan Stanley raised their price objective on Rivian Automotive from $12.00 to $13.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 14th. Weiss Ratings raised Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, July 6th. Benchmark reiterated a “buy” rating and issued a $25.00 target price on shares of Rivian Automotive in a report on Friday, May 1st. Finally, Wall Street Zen raised shares of Rivian Automotive from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Twelve analysts have rated the stock with a Buy rating, eight have given a Hold rating and six have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $18.86.

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64. The stock has a market capitalization of $21.56 billion, a price-to-earnings ratio of -5.42 and a beta of 1.60. The stock’s 50 day simple moving average is $16.28 and its 200-day simple moving average is $16.01.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) EPS for the quarter, topping the consensus estimate 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 company had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the firm posted ($0.48) earnings per share. The company’s revenue for the quarter was up 11.4% compared to the same quarter last year. On average, analysts expect that Rivian Automotive, Inc. will post -3.06 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Karen Boone sold 20,000 shares of the company’s stock in a transaction on Monday, July 6th. The shares were 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 in the company, valued at approximately $2,200,000. This represents a 15.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the firm’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $15.00, for a total value of $522,270.00. Following the transaction, the chief executive officer owned 922,286 shares in the company, valued at approximately $13,834,290. This trade represents a 3.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 68,385 shares of company stock worth $1,125,094. Corporate insiders own 1.48% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Capital International Investors boosted its position in Rivian Automotive by 13.2% during the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock worth $409,374,000 after purchasing an additional 2,418,717 shares during the period. Renaissance Technologies LLC grew its holdings in Rivian Automotive by 32.4% during the fourth quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock valued at $323,195,000 after purchasing an additional 4,012,386 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Rivian Automotive by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 14,782,865 shares of the electric vehicle automaker’s stock valued at $290,568,000 after purchasing an additional 59,503 shares during the period. Norges Bank acquired a new stake in shares of Rivian Automotive in the fourth quarter worth $220,323,000. Finally, Soma Equity Partners LP lifted its stake in shares of Rivian Automotive by 9.9% in the third quarter. Soma Equity Partners LP now owns 9,204,745 shares of the electric vehicle automaker’s stock worth $135,126,000 after buying an additional 829,782 shares during the last quarter. 66.25% of the stock is 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.