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

Rivian Automotive (NASDAQ:RIVN) posted 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. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion.

Rivian Automotive Price Performance

Shares of Rivian Automotive stock opened at $12.97 on Friday. Rivian Automotive has a one year low of $8.26 and a one year high of $18.85. The stock’s fifty day moving average is $13.56 and its 200 day 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.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 18,501 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.00, for a total transaction of $277,515.00. Following the sale, the chief financial officer now directly owns 351,900 shares of the company’s stock, valued at $5,278,500. This trade represents a 4.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 83,334 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $9,712,811.25. The trade was a 8.80 % 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.

Analysts Set New Price Targets

A number of equities analysts have issued reports on RIVN shares. Baird R W cut Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Mizuho upped their target price on Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday. Robert W. Baird restated a “neutral” rating and set a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Bank of America lowered Rivian Automotive from a “buy” rating to a “neutral” rating and cut their target price for the company from $20.00 to $13.00 in a research report on Friday, November 8th. Finally, Wedbush reiterated an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Rivian Automotive presently has a consensus 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.