Rivian Automotive (NASDAQ:RIVN) Issues Quarterly Earnings Results, Beats Estimates By $0.03 EPS


Rivian Automotive (NASDAQ:RIVN – Get Rating) announced its quarterly earnings data on Wednesday. The electric vehicle automaker reported -1.43 EPS for the quarter, beating the consensus estimate of -1.46 by 0.03, Fidelity Earnings reports.

RIVN opened at 24.30 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 14.14 and a quick ratio of 13.93. The company has a 50 day moving average price of 39.06. Rivian Automotive has a 52 week low of 19.25 and a 52 week high of 179.47.

RIVN has been the topic of several recent research reports. Wedbush reduced their price objective on Rivian Automotive from $60.00 to $30.00 in a research report on Thursday. Wells Fargo & Company reduced their objective price on Rivian Automotive from $40.00 to $24.00 in a research report on Wednesday. Morgan Stanley reiterated a “buy” rating and set a $85.00 price objective (down from $147.00) on shares of Rivian Automotive in a research report on Friday, March 11th. BNP Paribas upgraded Rivian Automotive from an “underperform” rating to a “neutral” rating and set a $26.00 price objective on the stock in a research report on Thursday. Finally, JPMorgan Chase & Co. dropped their target price on Rivian Automotive from $104.00 to $84.00 in a report on Wednesday, January 26th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of 74.59.

In other news, major shareholder Motor Co Ford sold 8,000,000 shares of the firm’s stock in a transaction that occurred on Monday, May 9th. The stock was sold at an average price of 26.80, for a total value of 214,400,000.00. Following the completion of the transaction, the insider now owns 93,947,494 shares in the company, valued at approximately 2,517,792,839.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

A number of hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System bought a new position in Rivian Automotive during the 4th quarter valued at approximately $29,321,000. Wells Fargo & Company MN bought a new position in Rivian Automotive during the 4th quarter valued at approximately $14,786,000. Deutsche Bank AG bought a new position in Rivian Automotive during the 4th quarter valued at approximately $13,748,000. Rhumbline Advisers increased its position in Rivian Automotive by 5.3% during the 1st quarter. Rhumbline Advisers now owns 132,021 shares of the electric vehicle automaker’s stock valued at $6,633,000 after buying an additional 6,690 shares in the last quarter. Finally, Goldman Sachs Group Inc. bought a new position in Rivian Automotive during the 4th quarter valued at approximately $11,542,000. 78.67% of the stock is owned by institutional investors.

About Rivian Automotive (Get Rating)

Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.

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