Shares of Rivian (NASDAQ:RIVN) fell in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2023. Earnings per share came in at -$1.08, which beat analysts’ consensus estimate of -$1.43 per share.
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Sales increased by 207.7% year-over-year, with revenue hitting $1.12 billion. This beat analysts’ expectations by $110 million. Furthermore, the firm produced 13,992 vehicles and delivered 12,640.
Looking forward, management now expects production and adjusted EBITDA for FY 2023 to be 52,000 and -$4.2 billion, respectively.
Overall, Wall Street has a consensus price target of $25.28 on RIVN stock, implying that shares are basically trading near fair value, as indicated by the graphic above.
