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Reporter Name | Scaringe Robert J |
Relationship | Chief Executive Officer |
Type | Sell |
Amount | $1,140,012 |
SEC Filing | Form 4 |
Rivian Automotive's CEO, Robert J. Scaringe, sold 83,333 shares of Class A Common Stock on September 12, 2024, for a total sale amount of $1,140,012. The weighted average selling price was $13.6802 per share. Following this transaction, Scaringe directly owns 886,526 shares and indirectly owns 2,637,361 shares through LLC and Trust. The sale was executed automatically under a Rule 10b5-1 trading plan adopted on March 8, 2024.
SEC Filing: Rivian Automotive, Inc. / DE [ RIVN ] - Form 4 - Sep. 16, 2024
The broader market strength pervaded into the electric-vehicle space and most stocks belonging to the industry posted decent gains in the week ended Sept. 13. That said, some of the upstarts continued to bleed, reflecting ongoing struggles.
Here’s a rundown on what happened in the EV space during the week:
Tesla China Sales Momentum Accelerates: After weighed down by competitive pressures in China following the COVID-19 pandemic, Tesla, Inc. appears to be on the road to recovery in this key market. China insurance registration data for Tesla vehicles came in at a robust 16,200 for the week ended Sept. 8, CnEVPost reported, citing data provided by Li Auto, Inc. .
Commenting on the data, Tesla bull and fund manager Gary Black said the weekly registration data suggested Tesla is on track to record the best quarter ever. With three weeks left in the quarter, the quarter-to-Sept. 8 data showed 15% year-over-year and 25% sequential growth, he said.
Meanwhile, sell-side analysts have begun trimming their quarterly delivery and earnings per share estimates for Tesla, ahead of the deliveries report, likely due on Oct. 2. CANACCORD Genuity’s George Gianarikas reduced his estimate from 480,000 units to 469,200 units, which however, is higher than the consensus estimate of 458,000 units. Most analysts suggested that they would look past the deliveries report and into the Oct. 10 Robotaxi unveil event.
See Also: Best EV Stocks
Lucid Offers Another Sneak-Peek Into Midrange EV: Luxury EV maker Lucid Group, Inc. , which held its Technology and Manufacturing Day at its Arizona facility this week, shared another glimpse of its mid-sized EV, which is set to roll off the production line in late-2026. The EV will have starting price under $50K, which will pitch it against EV leader Tesla’s hugely successful Model Y electric SUV.
Lucid Motors@LucidMotorsSep 10, 2024Wrapping up Tech & Manufacturing day: A new sneak peek at one of our upcoming midsize vehicles, set for production in late 2026 with a starting price under $50k.
With leading technology and efficiency, it will be able to deliver the same range as competitors while using a... pic.twitter.com/yJ5re2fIlt
At the event, Lucid showcased its technological advancements and provided updates on its roadmap.
Ford Eyes India As EV Export Base: Legacy automaker Ford Motor Co. , which closed down auto manufacturing operations in India three years ago, will likely restart production in the country. Local media outlets reported that Ford International Markets Group President Kay Hart has submitted a letter of intent to the local government of the Indian state of Tamil Nadu, where its manufacturing plant functioned out of. The company reportedly wants to manufacture EVs for export, with the operations likely resuming in 2025. Down the line, the company also plans to have a battery manufacturing unit in the state.
Canoo Withdraws Guidance: In a filing with the SEC, Canoo, Inc. said it was withdrawing its previously-issued revenue guidance for the year ending Dec. 31, 2024, and also its previously-issued operational guidance relating to the manufacturing run rate, production and delivery of vehicles in 2024 and subsequent periods. The company announced preliminary third-quarter revenue of $0.1 million to $1.2 million and an adjusted EDITDA loss of $30 million to $40 million. The revenue guidance trailed the $2.45 million consensus estimate.
The company also said it has entered into the equity distribution agreement with Northland Securities to sell up to $200 million shares from time to time, through an “at the market offering” program. Canoo’s woes reflect the state of the EV startup ecosystem, which has been stymied by cash crunch, production hiccups and weak demand.
VinFast On Regulator’s Radar: The National Highway Traffic Safety Administration has initiated a probe into EVs manufactured by Vietnamese EV maker VinFast Auto Ltd. based on complaints lodged by vehicle owners. The probe covered around 3,118 vehicles manufactured in 2023 and 2024, with owners alleging that the vehicles had problems with the “Lane Keep Assist system. The system had difficulty detecting lanes on the roadway, and provided improper steering inputs, making it difficult to override by the driver, the regulator said, citing the complaint.
The KraneShares Electric Vehicles and Future Mobility Index ETF fell 0.56% on Friday before ending at $19.38, according to Benzinga Pro data. For the week, the ETF , however, gained 4.47%.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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Here’s how the EV stocks fared this week:
Weekly Change (+/-) | |
Tesla | +9.28% |
Nio, Inc. | +10.56% |
XPeng, Inc. | +5.04% |
Li Auto, Inc. | +4.42% |
Workhorse, Inc. | +17.19% |
Hyzon Motors, Inc. H | -30.77% |
Canoo | -13.19% |
Rivian Automotive, Inc. | +2.04% |
Lucid Group | +10.36% |
Faraday Future Intelligent Electric Inc. | -16.88% |
Nikola Corp. | +2.66% |
VinFast Auto Ltd. | +5.88% |
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Rivian Automotive (RIVN) closed at $13.50 in the latest trading session, marking a -1.6% move from the prior day. The stock's performance was behind the S&P 500's daily gain of 0.54%. Elsewhere, the Dow saw an upswing of 0.72%, while the tech-heavy Nasdaq appreciated by 0.65%.
Heading into today, shares of the a manufacturer of motor vehicles and passenger cars had lost 0.29% over the past month, lagging the Auto-Tires-Trucks sector's gain of 10.04% and the S&P 500's gain of 4.86% in that time.
The investment community will be closely monitoring the performance of Rivian Automotive in its forthcoming earnings report. The company's earnings per share (EPS) are projected to be -$0.90, reflecting a 24.37% increase from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $1.1 billion, showing a 18.09% drop compared to the year-ago quarter.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$4 per share and revenue of $4.77 billion. These totals would mark changes of +18.03% and +7.67%, respectively, from last year.
Investors should also note any recent changes to analyst estimates for Rivian Automotive. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.39% increase. At present, Rivian Automotive boasts a Zacks Rank of #3 (Hold).
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. At present, this industry carries a Zacks Industry Rank of 151, placing it within the bottom 41% of over 250 industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
California-based electric vehicle (EV) startup Rivian Automotive RIVN has been witnessing deteriorating estimate revisions for its bottom line lately. Over the past week, estimates for Rivian’s loss per share have widened for the remaining quarters of 2024 and for full-year 2024 and 2025. Given these estimate revisions, it seems that analysts are losing confidence in the stock. With concerns regarding Rivian’s near-term outlook growing, is it time for you to sell the stock or stay patient through the downturn? Let’s explore Rivian’s current situation and its prospects.
RIVN Stock Overvalued Despite Price Decline
Year to date, shares have contracted 40%, underperforming the industry, sector and the S&P 500.
YTD Price Performance
Despite a sharp drop in its stock price this year, Rivian’s valuation remains stretched. The company is currently trading at a forward sales multiple of 2.51, which is higher than the industry. It holds a Value Score of F, indicating that the stock is expensive at current levels.
Factors Plaguing Rivian Now
Rivian is grappling with several challenges that have hurt its stock performance and outlook. First, the company is dealing with depleted inventory, which is expected to lead to a sequential dip in deliveries in the third quarter of 2024. This reduction is due to Rivian exhausting much of its Gen 1 R1 inventory.
In a conference held on Monday, the company’s CFO, Claire McDonough, highlighted that Rivian is encountering acute supply-related issues currently. Rivian is having a tough time securing parts for production at the speed and scale it requires. These supply constraints have slowed production and limited the availability of vehicles for consumers. McDonough noted that the company currently has a limited supply of R1Ts available on its website.
In addition, a fire at Rivian’s plant in August further disrupted production, damaging several EVs. Last month, a shortage of parts forced Rivian to temporarily halt the production of its electric delivery vans (EDVs) for e-commerce giant Amazon AMZN. Notably, Rivian has a contract to deliver 100,000 EDVs to AMZN by the end of the decade.
McDonough has also cautioned that Rivian’s production output will face additional pressure in 2025. The company plans to have significant downtime in the second half of 2025 to integrate its new R2 model into its manufacturing facility. This mid-size electric SUV, priced around $45,000, is expected to be launched in the first half of 2026. While R2 represents a growth opportunity, the downtime will impact Rivian’s overall production capacity in 2025.
Rivian has been burning through cash since it began producing vehicles in late 2021. As of the end of the second quarter of 2024, the company had $5.8 billion in cash and cash equivalents, down from $7.9 billion at the end of 2023. Given Rivian’s ongoing expansion efforts and ramp-up of production, the company is expected to continue burning through cash at a significant rate in the near future. It is likely to remain unprofitable in the next few years as it works to scale its production and navigate the increasingly competitive EV market. Investors should be prepared for continued losses and cash burn as the company invests in its growth initiatives.
Key Catalysts to Drive RIVN’s Prospects
Despite the challenges, not all is bleak for Rivian. There are a few factors that could support its long-term growth.
One of the biggest opportunities for Rivian is its partnership with Germany-based auto giant Volkswagen VWAGY, which is investing $1 billion into a new joint venture focused on shared EV technology and software. Once the venture is established, Volkswagen plans to inject an additional $4 billion. This partnership is expected to accelerate Rivian’s production capabilities and provide it with valuable resources to scale its business. The deal is set to close in the fourth quarter of 2024 and could serve as a major growth driver for Rivian in the coming years. The company’s partnership with Volkswagen could also help accelerate R2 production.
In terms of production capacity, Rivian currently has the ability to produce up to 150,000 vehicles per year and is working to increase that to 215,000 units. This increased capacity, coupled with new product launches, could support higher sales volumes in the future.
Another positive for Rivian is its ongoing cost-cutting initiatives. The retooling of its Normal facility has resulted in improved efficiency, including a 30% increase in the production rate of the R1 model. Rivian’s second-generation R1 is expected to reduce material costs by 20%, supporting its goal of achieving positive gross profit by the fourth quarter of 2024. Further down the road, Rivian’s R2 model is expected to lower costs by 45% compared to the second-gen R1. Rivian is targeting positive EBITDA by 2027, with long-term goals of 25% gross margin and 10% free cash flow margin.
Don’t Sell RIVN Stock in Haste
Indeed, Rivian is facing short-term challenges such as supply chain disruptions, cash burn and production setbacks, which are dimming its earnings outlook. However, staying patient with Rivian could be a prudent choice as the company is working through its challenges and aiming to capitalize on future opportunities.
The Volkswagen partnership, cost-cutting measures, and the upcoming R2 model offer growth opportunities. If Rivian meets its target of generating positive gross profits this year, it could improve the company’s 2025 outlook. So, for investors with a long-term investment horizon, holding onto Rivian stock could prove to be a rewarding decision.
RIVN carries a Zacks Rank #3 (Hold) currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Sarah O’Brien, the erstwhile Chief Communications Officer at EV startup Rivian Automotive , has reportedly transitioned to LoveFrom, a creative collective established by Jony Ive, Apple Inc.’s former chief design officer.
What Happened: O’Brien has departed Rivian to become part of LoveFrom, making her the first full-time communications recruit for the creative collective, reported Axios.
Prior to joining Rivian, O’Brien held significant positions at Apple, Tesla, and Meta, according to her LinkedIn profile. At Apple, she spent about 8 years, from 2008 to 2016. She then took up roles as VP of Communications at Tesla and VP of Executive and Product Communications at Meta before joining Rivian in June 2023.
“Sarah is a friend,” Ive told Axios. “I have been fortunate to work intimately with her in the past and I am immensely grateful and thrilled that she is joining our small team at LoveFrom to assist us with our immoderate ambition to be useful in the future.”
Rivian did not immediately respond to Benzinga’s request for comment.
Why It Matters: O’Brien reportedly left Rivian in August, joining the list of senior executives leaving the carmaker.
Tim Fallon, Rivian’s former Vice President of Manufacturing Operations, joined European automaker Stellantis NV as the head of manufacturing in North America last month.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read More:
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Rivian
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
PayPal Holdings, Inc. is a buy, according to CNBC's Jim Cramer.
On Monday, PayPal disclosed an expansion of its strategic partnership with Shopify Inc. in the U.S.
Per the deal, PayPal will become an additional credit and debit card processor for Shopify Payments through its PayPal Complete Payments solution, providing flexible and advanced developer tools for marketplaces and platforms.
Cramer, on the latest “Mad Money Lightning Round,” said Rivian has “got the money to be able to make it. That doesn't mean that the stock is a buy, it does mean they're going to make it. So, I would say you've got to let it percolate. But it's not anytime soon.”
The recent $5 billion deal between Volkswagen and U.S. electric vehicle start-up Rivian Automotive has reportedly stirred up discontent among employees at the German automaker's software division Cariad.
“I think you're fine,” Cramer said when asked about The Southern Company . “Let's say it's a baby growth story.”
On Aug. 29, Bank of America Securities analyst Julien Dumoulin-Smith maintained Southern with a Neutral and raised the price target from $86 to $87.
The Mad Money host said he is concerned about CVS Health Corporation . “Let's just keep it on ice for the moment,” he added.
On Sept. 10, Cantor Fitzgerald analyst Sarah James reiterated CVS Health with a Neutral and maintained a $62 price target.
The Home Depot, Inc. is “good,” Cramer said.
On Aug. 13, HD reported second-quarter 2024 sales growth of 0.6% year-over-year to $43.175 billion, marginally missing the consensus estimate of $43.376 billion. Adjusted EPS was $4.67 (-0.2% year over year), beating the consensus of $4.50.
Cramer said he doesn't have anything to say about Palantir Technologies Inc. , adding that it is a “cold stock.”
On Sept. 6, S&P Dow Jones Indices announced that Palantir Technologies will be added to the S&P 500 Index, effective prior to the start of trading on Sept. 23.
Cramer said he is a buyer of Energy Transfer LP .
On Aug. 9, Energy Transfer announced a secondary public offering of 38,755,996 of its common units.
Price Action:
Read Next:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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