Rivian Automotive (NASDAQ:RIVN) Posts Earnings Results, Misses Estimates By $0.32 EPS

Key Points

• Rivian Automotive reported quarterly earnings of ($0.97) EPS, missing analysts' estimates by $0.32 per share.
• The company's stock dropped 2.1% to $12.15 following the earnings report, with a market cap of $13.74 billion.
• Analysts' ratings are mixed, with a consensus target price of $14.38, while Goldman Sachs and JPMorgan have downgraded their targets.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) posted its quarterly earnings results on Tuesday. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.32), Zacks reports. The business had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%. The business's revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.46) earnings per share.

Rivian Automotive Stock Down 0.4%

Shares of RIVN traded down $0.05 during mid-day trading on Friday, reaching $12.03. The company's stock had a trading volume of 11,066,473 shares, compared to its average volume of 32,872,188. The company's 50 day moving average is $13.42 and its 200 day moving average is $12.97. The stock has a market cap of $13.60 billion, a PE ratio of -3.73 and a beta of 1.80. Rivian Automotive has a 12-month low of $9.50 and a 12-month high of $17.15. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.80.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 107,144 shares of Rivian Automotive stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $15.25, for a total transaction of $1,633,946.00. Following the sale, the chief executive officer owned 1,483,111 shares in the company, valued at approximately $22,617,442.75. The trade was a 6.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the transaction, the chief financial officer directly owned 824,875 shares in the company, valued at approximately $12,694,826.25. This trade represents a 2.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold 205,694 shares of company stock valued at $3,144,612 over the last ninety days. 2.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Geneos Wealth Management Inc. lifted its stake in shares of Rivian Automotive by 57.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker's stock worth $64,000 after acquiring an additional 1,856 shares during the period. Brighton Jones LLC boosted its holdings in Rivian Automotive by 28.0% in the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock valued at $235,000 after purchasing an additional 3,864 shares in the last quarter. Empowered Funds LLC increased its position in Rivian Automotive by 10.1% during the 1st quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker's stock worth $679,000 after purchasing an additional 4,998 shares during the period. Focus Partners Wealth increased its position in Rivian Automotive by 29.0% during the 1st quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker's stock worth $803,000 after purchasing an additional 14,497 shares during the period. Finally, AQR Capital Management LLC raised its stake in shares of Rivian Automotive by 1.5% during the 1st quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker's stock worth $4,733,000 after buying an additional 5,590 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Piper Sandler boosted their price target on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Canaccord Genuity Group reduced their target price on shares of Rivian Automotive from $23.00 to $21.00 and set a "buy" rating on the stock in a research note on Wednesday. Robert W. Baird dropped their price target on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Needham & Company LLC reduced their price target on shares of Rivian Automotive from $16.00 to $14.00 and set a "buy" rating on the stock in a research report on Wednesday. Finally, UBS Group decreased their price objective on Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating on the stock in a report on Wednesday. Four equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $13.73.

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.