Shares of Rivian Automotive, Inc. (NASDAQ: RIVN) rose 1.3% in the extended trading session on Tuesday after the company announced that it manufactured 2,553 vehicles at its manufacturing facility in Normal, Illinois, in the first quarter of 2022.
Further, it delivered 1,227 vehicles during the quarter. The company said that the figures met its expectations.
Rivian is of the opinion that it is “well-positioned to deliver on the 25,000 annual production guidance provided during the fourth-quarter earnings call on March 10.”
California-based Rivian designs, develops, manufactures and sells EVs and accessories to customers in the consumer and commercial markets. It also offers a suite of value-added services that address the entire lifecycle of the vehicle.
Apart from Normal, Illinois, the company has facilities in Palo Alto, California; Carson, California; Plymouth, Michigan; Vancouver, British Columbia; Wittmann, Arizona; and Woking, England.
Wall Street’s Take
Last month, Mizuho Securities analyst Vijay Rakesh maintained a Buy rating on the stock but lowered the price target from $100 to $95 (125.2% upside potential).
The analyst expects the company to deliver over 23,000 vehicles this year and 88,000 in the next.
Overall, the stock has a Moderate Buy consensus rating based on 10 Buys and five Holds. RIVN’s average price target of $76.08 implies 80.3% upside potential. Shares have lost 58.1% over the past year.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (NYSE: SEMR), the world’s biggest website usage monitoring service, offers insight into Rivian’s performance.
According to the tool, compared to the previous year, Rivian’s website traffic registered a nearly 2% decline in global visits in February. However, the website traffic has increased 57.2% so far this year against the same period last year.
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