Rivian Automotive (NASDAQ:RIVN) Issues Earnings Results, Misses Expectations 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) released its quarterly earnings results on Tuesday. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.32), Zacks reports. Rivian Automotive had a negative net margin of 76.83% and a negative return on equity of 60.64%. The firm had revenue of $1.30 billion for the quarter, compared to analysts' expectations of $1.27 billion. During the same period in the previous year, the firm posted ($1.46) EPS. The firm's quarterly revenue was up 12.5% compared to the same quarter last year.

Rivian Automotive Trading Down 3.3%

Rivian Automotive stock traded down $0.40 during trading on Wednesday, reaching $11.75. The company had a trading volume of 51,872,004 shares, compared to its average volume of 32,912,125. 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 0.71, a quick ratio of 2.80 and a current ratio of 3.73. The stock's 50 day moving average price is $13.56 and its two-hundred day moving average price is $13.00. The firm has a market capitalization of $13.28 billion, a price-to-earnings ratio of -3.15 and a beta of 1.80.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on RIVN. JPMorgan Chase & Co. lowered their price objective on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating for the company in a research report on Friday, April 25th. Wedbush decreased their target price on shares of Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating for the company in a research note on Wednesday. UBS Group lowered their target price on shares of Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating on the stock in a report on Wednesday. Mizuho upped their price objective on Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Finally, Piper Sandler boosted their target price on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. 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.com, the stock has a consensus rating of "Hold" and a consensus price target of $13.86.

Insider Buying and Selling

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

Institutional Trading of Rivian Automotive

A number of institutional investors and hedge funds have recently bought and sold shares of RIVN. AQR Capital Management LLC lifted its position in Rivian Automotive by 1.5% during the first quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker's stock valued at $4,733,000 after buying an additional 5,590 shares in the last quarter. Focus Partners Wealth boosted 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. Empowered Funds LLC increased its holdings in Rivian Automotive by 10.1% in the 1st quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker's stock valued at $679,000 after purchasing an additional 4,998 shares in the last quarter. Brighton Jones LLC raised its position in Rivian Automotive by 28.0% in the fourth 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 during the period. Finally, Geneos Wealth Management Inc. lifted its stake in shares of Rivian Automotive by 57.1% during the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker's stock worth $64,000 after purchasing an additional 1,856 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.

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.