Rivian Automotive (NASDAQ:RIVN) Posts Earnings Results, Beats Expectations By $0.06 EPS

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

Rivian Automotive Price Performance

Shares of RIVN traded down $0.64 during trading hours on Friday, reaching $12.97. 70,315,891 shares of the stock traded hands, compared to its average volume of 34,656,977. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $18.85. The company's 50-day moving average price is $13.56 and its two-hundred day moving average price is $12.53. The company has a market cap of $13.24 billion, a P/E ratio of -2.32 and a beta of 2.04.

Wall Street Analyst Weigh In

Several research firms have commented on RIVN. Piper Sandler dropped their target price on Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating on the stock in a report on Friday, November 8th. Truist Financial upped their price target on Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a report on Thursday, January 16th. Bank of America downgraded Rivian Automotive from a "buy" rating to a "neutral" rating and lowered their price target for the company from $20.00 to $13.00 in a report on Friday, November 8th. UBS Group upped their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a "neutral" rating in a report on Thursday, January 16th. Finally, Sanford C. Bernstein started coverage on Rivian Automotive in a report on Wednesday, January 29th. They set an "underperform" rating and a $6.10 price target on the stock. Two 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 MarketBeat, Rivian Automotive currently has a consensus rating of "Hold" and an average target price of $15.50.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at $13,960,547.37. The trade was a 7.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 18,501 shares of the business's stock in a transaction on Monday, December 16th. The stock was sold at an average price of $15.00, for a total transaction of $277,515.00. Following the completion of the sale, the chief financial officer now owns 351,900 shares in the company, valued at approximately $5,278,500. The trade was a 4.99 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 366,788 shares of company stock worth $5,024,431. 2.51% of the stock is owned by corporate insiders.

About Rivian Automotive

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.