tiprankstipranks
Market News

Rivian’s Pace In Line with Annual Production Guidance

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.”

About Rivian

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.

Website Traffic

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.

Download the TipRanks mobile app now.

To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

Read full Disclaimer & Disclosure

Related News:
Raytheon Technologies Benefitting from Russia-Ukraine conflict
Roblox CEO’s Pay Package Increases More than 3,200%
Hertz Reveals How It Will Fund Polestar EV Purchase

Tired of arriving late to the Big Returns Party?​
Most investors don’t have major gainers like TSLA or NVDA on their radar from the start.
The profusion of opinions on social media and financial blogs makes it impossible to distinguish between real growth potential and pure hype.
​​For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate.​
Learn More