Rivian Automotive (NASDAQ:RIVN) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Rivian Automotive (NASDAQ:RIVN) released its quarterly earnings results on Thursday. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06, Zacks reports. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative net margin of 121.38% and a negative return on equity of 72.78%.

Rivian Automotive Stock Down 4.3 %

Shares of RIVN stock traded down $0.58 on Friday, reaching $13.03. 32,200,430 shares of the company were exchanged, compared to its average volume of 33,368,316. Rivian Automotive has a one year low of $8.26 and a one year high of $18.85. The company has a market cap of $13.30 billion, a price-to-earnings ratio of -2.31 and a beta of 2.04. The company has a 50-day moving average of $13.59 and a 200-day moving average of $12.54. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $11,784,877.65. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 366,788 shares of company stock valued at $5,024,431. 2.51% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have commented on RIVN. Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 target price on the stock. Guggenheim decreased their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Benchmark began coverage on Rivian Automotive in a research note on Monday, December 9th. They set a “buy” rating and a $18.00 target price for the company. Baird R W downgraded Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Finally, Bank of America cut Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $20.00 to $13.00 in a report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $15.50.

Rivian Automotive Company Profile

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.