Rivian Automotive (NASDAQ:RIVN) shares are under pressure today after the EV maker’s vehicle delivery expectations disappointed investors.
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During the third quarter, Rivian produced 16,304 vehicles at its Illinois facility and made 15,564 vehicle deliveries. The company expects to hit its previously stated outlook of producing 52,000 vehicles for the full year. However, investors were anticipating a higher number.
The company expects to release its third-quarter results on November 7, after the market closes. Analysts largely expect Rivian to incur a net loss per share of $1.36 on revenue of $1.32 billion for the quarter.
In the comparable year-ago period, Rivian incurred a net loss per share of $1.57, which was narrower than the Street’s estimates by $0.22.
What Is the Target Price for RIVN?
Today, Evercore ISI’s Chris McNally upgraded the rating on Rivian to a Buy from a Hold while raising the price target on the stock to $35. Overall, the Street has a consensus price target of $28.20 on Rivian, alongside a Moderate Buy consensus rating.
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