Rivian Automotive Inc (NASDAQ:RIVN) shares are trading lower Thursday after the company reported financial results. Several analysts lowered price targets on the stock following the company's quarterly results.
Rivian reported first-quarter revenue of $95 million, which came in below the estimate of $130.5 million, according to data from Benzinga Pro. The company reported a quarterly adjusted loss of $1.43 per share, which beat the estimate for a loss of $1.44 per share.
Rivian said it produced 2,553 vehicles in the first quarter and delivered 1,227.
Despite lingering supply chain headwinds, Rivian reaffirmed expectations for producing 25,000 vehicles in 2022. The company anticipates a full-year 2022 adjusted EBITDA loss of $4.75 billion.
"Based on the demonstrated production rates and progress we have seen in our facility, we believe if all supply constraints were resolved, our plant would have the ability to run at two times the currently expected output for the remainder of 2022," Rivian said.
Related Link: Rivian Q1 Earnings Highlights: 2,553 Vehicles Produced, 1,227 Delivered, Supply Chain Constraints And More
Analyst Assessment:
- Piper Sandler analyst Alexander Potter maintained Rivian with an Overweight rating and lowered the price target from $112 to $108.
- Wells Fargo analyst Colin Langan maintained Rivian with an Equal-Weight rating and lowered the price target from $40 to $24.
- RBC Capital analyst Joseph Spak maintained Rivian with an Outperform rating and lowered the price target from $100 to $77.
RIVN 52-Week Range: $19.25 - $179.46
The stock was down 4.03% at $19.77 at press time.
Photo: courtesy of Rivian.
