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

Rivian Automotive (NASDAQ:RIVN) issued its earnings results on Thursday. The electric vehicle automaker reported ($0.63) earnings per share 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%.

Rivian Automotive Price Performance

NASDAQ RIVN traded down $0.32 on Thursday, reaching $13.61. 47,349,562 shares of the stock traded hands, compared to its average volume of 33,292,887. The firm’s fifty day simple moving average is $13.60 and its 200 day simple moving average is $12.53. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company has a market cap of $13.89 billion, a price-to-earnings ratio of -2.43 and a beta of 2.04. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $18.85.

Wall Street Analysts Forecast Growth

RIVN has been the subject of several analyst reports. Wedbush reaffirmed an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a research report on Friday, November 8th. Truist Financial upped their target price on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Robert W. Baird reiterated a “neutral” rating and issued a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Bank of America cut Rivian Automotive from a “buy” rating to a “neutral” rating and cut their price target for the stock from $20.00 to $13.00 in a research note on Friday, November 8th. Finally, The Goldman Sachs Group boosted their price target on Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and a consensus target price of $15.13.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $9,712,811.25. This trade represents a 8.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 366,788 shares of company stock valued at $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.