Rivian Automotive (NASDAQ:RIVN) Announces Earnings Results

Rivian Automotive (NASDAQ:RIVN - Get Free Report) announced its earnings results on Thursday. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06, Zacks reports. Rivian Automotive had a negative net margin of 121.38% and a negative return on equity of 72.78%. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion.

Rivian Automotive Trading Down 4.8 %

Shares of NASDAQ RIVN traded down $0.65 during midday trading on Friday, hitting $12.96. 55,789,394 shares of the company traded hands, compared to its average volume of 34,172,031. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $18.85. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock has a 50-day moving average price of $13.59 and a 200 day moving average price of $12.54. The firm has a market cap of $13.23 billion, a P/E ratio of -2.32 and a beta of 2.04.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 18,501 shares of the company's stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.00, for a total value of $277,515.00. Following the sale, the chief financial officer now owns 351,900 shares in the company, valued at approximately $5,278,500. This represents a 4.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 83,334 shares of the company's stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $9,712,811.25. This trade represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 366,788 shares of company stock worth $5,024,431 over the last 90 days. 2.51% of the stock is owned by company insiders.

Analysts Set New Price Targets

RIVN has been the subject of several research reports. Guggenheim cut their target price on shares of Rivian Automotive from $21.00 to $18.00 and set a "buy" rating for the company in a research report on Wednesday, November 6th. Stifel Nicolaus lowered their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research note on Monday, November 11th. UBS Group boosted their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a "neutral" rating in a research note on Thursday, January 16th. Truist Financial boosted their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a research note on Thursday, January 16th. Finally, Wells Fargo & Company boosted their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, Rivian Automotive has an average rating of "Hold" and a consensus 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.