Shares of Rivian (NASDAQ:RIVN) sank in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2022. Earnings per share came in at -$1.73, which beat analysts’ consensus estimate of -$1.96 per share.
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Sales increased by 1,228% year-over-year, with revenue hitting $663 million as compared to $54 million last year. This missed analysts’ expectations of $729.47 million.
Rivian produced 10,020 vehicles over the course of the fourth quarter. However, it delivered 8,054 of those vehicles. It expects to produce nearly five times the amount of vehicles it produced in 2022, reaching a total of 50,000 vehicles. Nevertheless, Rivian also looks for a negative gross margin to run throughout 2023, as it looks for a positive gross profit to hit in 2024.
Overall, Wall Street has a consensus price target of $32.81 on Rivian, implying 70% upside potential, as indicated by the graphic above.
