Rivian Automotive (NASDAQ:RIVN) Releases Quarterly Earnings Results

Rivian Automotive (NASDAQ:RIVN) announced its earnings results on Thursday. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating 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 Trading Down 2.3 %

Shares of NASDAQ:RIVN traded down $0.32 during midday trading on Thursday, reaching $13.61. The company’s stock had a trading volume of 47,349,562 shares, compared to its average volume of 33,292,887. The firm has a market cap of $13.89 billion, a price-to-earnings ratio of -2.43 and a beta of 2.04. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $18.85. The business has a 50 day moving average price of $13.60 and a 200 day moving average price of $12.53.

Wall Street Analyst Weigh In

Several research analysts have weighed in on RIVN shares. Mizuho lowered their target price on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. The Goldman Sachs Group raised their price target on Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Sanford C. Bernstein initiated coverage on Rivian Automotive in a report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price target for the company. Piper Sandler reduced their price target on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, November 8th. Finally, Royal Bank of Canada reduced their price target on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $15.13.

Insider Activity

In other news, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value of $491,410.88. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $11,879,847.36. The trade was a 3.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 366,788 shares of company stock valued at $5,024,431 over the last quarter. Company insiders own 2.51% of the company’s stock.

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.