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Rivian (NASDAQ:RIVN) Rolling Nicely, Q3 Deliveries Impress

Story Highlights

Rivian Automotive delivered 6,584 vehicles in Q3. Rivian’s production and delivery are gaining ground as the company navigates supply headwinds.

Rivian Automotive (NASDAQ:RIVN) is gaining ground with vehicle production and delivery numbers amid supply constraints. The EV maker announced that it produced 7,363 vehicles in Q3 and delivered 6,584 units during the same period. Its Q3 delivery numbers impressed Wall Street. Following the announcement, RIVN stock gained over 7% in the after-hours session. 

Management also reiterated its full-year production guidance of 25,000 units, which is comforting given the ongoing supply shortages and cost headwinds. 

As RIVN’s production and delivery numbers are improving, is now the time to buy the dip in its stock?

Is RIVN a Good Stock?

With robust EV (electric vehicle) demand, supportive government policies, and improving production, Rivian is a quality stock to consider, especially at current levels (RIVN stock is down about 68% year-to-date). 

However, analysts maintain a cautiously optimistic outlook on RIVN stock, given the supply-chain headwinds and input cost inflation. 

Rivian stock has received nine Buy, four Hold, and two Sell recommendations for a Strong Buy consensus rating. Further, RIVN’s average price target of $49.14 implies 54.1% upside potential. 

While analysts are cautiously optimistic, hedge funds have been net sellers in RIVN stock. Per TipRanks’ data, hedge funds sold 15.5 million RIVN shares last quarter. TipRanks’ investors are negative about Rivian stock, and 1.2% of these investors have decreased their holdings in the past month. RIVN stock has a Neutral Smart Score of 5 out of 10 on TipRanks. 

The Bottom Line on Rivian

Rivian is poised to gain from EV demand. Meanwhile, its growing production, commercial arrangement with Amazon (NASDAQ:AMZN), and large addressable market provide a multi-year growth platform. 


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