Shares of Rivian (NASDAQ: RIVN) are slightly higher in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2022. Adjusted earnings per share came in at -$1.57, which beat analysts’ consensus estimate of -$1.79 per share. Sales increased over 53,500% year-over-year, with revenue hitting $536 million. This missed analysts’ expectations of $554.1 million.
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Looking forward, management reaffirmed its production guidance of 25,000 vehicles for Fiscal Year 2022.
Is RIVN Stock a Buy?
RIVN stock has a Moderate Buy consensus rating based on nine Buys, four Holds, and two Sells assigned in the past three months. The average RIVN stock price target of $47.14 implies 67.94% upside potential.
