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

Rivian Automotive (NASDAQ:RIVN) posted its quarterly earnings data on Thursday. The electric vehicle automaker reported ($0.63) earnings per share (EPS) 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 Stock Performance

Shares of NASDAQ:RIVN traded down $0.32 during midday trading on Thursday, hitting $13.61. The company had a trading volume of 51,608,358 shares, compared to its average volume of 33,480,340. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. 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. The company has a fifty day moving average of $13.60 and a two-hundred day moving average of $12.53.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 8,097 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total value of $98,783.40. Following the completion of the transaction, the chief financial officer now owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. This represents a 2.14 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 83,334 shares of the company’s 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 $9,712,811.25. This represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 366,788 shares of company stock worth $5,024,431 in the last three months. Corporate insiders own 2.51% of the company’s stock.

Analysts Set New Price Targets

RIVN has been the topic of a number of research reports. Mizuho lowered their price target on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Piper Sandler lowered their price target on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. UBS Group raised their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Royal Bank of Canada lowered their price target on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Finally, Benchmark initiated coverage on Rivian Automotive in a research report on Monday, December 9th. They set a “buy” rating and a $18.00 price target on the stock. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $15.13.

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.