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

Rivian Automotive (NASDAQ:RIVN) issued its quarterly earnings results on Thursday. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $1.43 billion.

Rivian Automotive Stock Down 4.3 %

Shares of NASDAQ:RIVN traded down $0.58 during midday trading on Friday, hitting $13.03. The stock had a trading volume of 32,200,430 shares, compared to its average volume of 33,368,316. The company has a market cap of $13.30 billion, a P/E ratio of -2.31 and a beta of 2.04. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $18.85. The business’s 50-day simple moving average is $13.59 and its 200-day simple moving average is $12.54. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RIVN. Bank of America downgraded Rivian Automotive from a “buy” rating to a “neutral” rating and cut their price objective for the company from $20.00 to $13.00 in a research report on Friday, November 8th. Cantor Fitzgerald lowered shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $13.00 to $15.00 in a research note on Friday. Piper Sandler lowered their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. Guggenheim decreased 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 note on Wednesday, November 6th. Finally, Stifel Nicolaus dropped their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have given 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 $15.50.

Insider Activity

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