Rivian Automotive Inc. [RIVN] moved down -3.34: Why It’s Important

Rivian Automotive Inc. [NASDAQ: RIVN] closed the trading session at $13.01 on 03/17/23. The day’s price range saw the stock hit a low of $12.80, while the highest price level was $13.32. The company report on March 8, 2023 that Rivian Automotive, Inc. Prices $1.3 Billion Green Convertible Senior Notes Offering.

Rivian Automotive, Inc. (Nasdaq: RIVN) (“Rivian”) today announced the pricing of its offering of $1,300,000,000 aggregate principal amount of 4.625% green convertible senior notes due 2029 (the “notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The issuance and sale of the notes are scheduled to settle on March 10, 2023, subject to customary closing conditions. Rivian also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $200,000,000 principal amount of notes.

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The notes will be senior, unsecured obligations of Rivian and will accrue interest at a rate of 4.625% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2023. The notes will mature on March 15, 2029, unless earlier repurchased, redeemed or converted. Before December 15, 2028, noteholders will have the right to convert their notes only upon the occurrence of certain events. From and after December 15, 2028, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Rivian will settle conversions by paying or delivering, as applicable, cash, shares of its Class A common stock (the “common stock”) or a combination of cash and shares of its common stock, at Rivian’s election. The initial conversion rate is 49.6771 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $20.13 per share of common stock. The initial conversion price represents a premium of approximately 37.5% over the last reported sale price of $14.64 per share of Rivian’s common stock on March 7, 2023. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events.

The stocks have a year to date performance of -29.41 percent and weekly performance of -8.12 percent. The stock has been moved at -67.22 percent over the last six months. The stock has performed -38.49 percent around the most recent 30 days and changed -46.98 percent over the most recent 3-months.

If compared to the average trading volume of 31.24M shares, RIVN reached to a volume of 36542946 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Rivian Automotive Inc. [RIVN]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for RIVN shares is $31.75 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on RIVN stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

BofA Securities have made an estimate for Rivian Automotive Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on March 10, 2023. While these analysts kept the previous recommendation, Needham raised their target price to Buy. The new note on the price target was released on March 01, 2023, representing the official price target for Rivian Automotive Inc. stock. Previously, the target price had yet another raise to $28, while Barclays analysts kept a Overweight rating on RIVN stock. On January 04, 2023, analysts decreased their price target for RIVN shares from 65 to 50.

The Average True Range (ATR) for Rivian Automotive Inc. is set at 1.23, with the Price to Sales ratio for RIVN stock in the period of the last 12 months amounting to 7.53. The Price to Book ratio for the last quarter was 0.87, with the Price to Cash per share for the same quarter was set at 12.06.

RIVN stock trade performance evaluation

Rivian Automotive Inc. [RIVN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -8.12. With this latest performance, RIVN shares dropped by -38.49% in over the last four-week period, additionally sinking by -67.22% over the last 6 months – not to mention a drop of -68.71% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for RIVN stock in for the last two-week period is set at 33.08, with the RSI for the last a single of trading hit 29.60, and the three-weeks RSI is set at 35.46 for Rivian Automotive Inc. [RIVN]. The present Moving Average for the last 50 days of trading for this stock 17.48, while it was recorded at 13.29 for the last single week of trading, and 27.72 for the last 200 days.

Rivian Automotive Inc. [RIVN]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Rivian Automotive Inc. [RIVN] shares currently have an operating margin of -413.51 and a Gross Margin at -199.03. Rivian Automotive Inc.’s Net Margin is presently recorded at -407.24.

Return on Equity for this stock declined to -40.54, with Return on Assets sitting at -33.62.

Rivian Automotive Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 4.90 and a Current Ratio set at 5.40.

Rivian Automotive Inc. [RIVN]: Insider Ownership positions

There are presently around $7,891 million, or 69.40% of RIVN stock, in the hands of institutional investors. The top three institutional holders of RIVN stocks are: AMAZON COM INC with ownership of 158,363,834, which is approximately 0% of the company’s market cap and around 0.10% of the total institutional ownership; PRICE T ROWE ASSOCIATES INC /MD/, holding 116,604,944 shares of the stock with an approximate value of $1.52 billion in RIVN stocks shares; and BLACKROCK INC., currently with $643.48 million in RIVN stock with ownership of nearly 6.226% of the company’s market capitalization.

Positions in Rivian Automotive Inc. stocks held by institutional investors increased at the end of Tuesday and at the time of the Tuesday reporting period, where 340 institutional holders increased their position in Rivian Automotive Inc. [NASDAQ:RIVN] by around 38,092,611 shares. Additionally, 267 investors decreased positions by around 61,303,188 shares, while 120 investors held positions by with 507,100,814 shares. The mentioned changes placed institutional holdings at 606,496,613 shares, according to the latest SEC report filing. RIVN stock had 145 new institutional investments in for a total of 8,488,731 shares, while 113 institutional investors sold positions of 6,759,037 shares during the same period.


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