Five analysts came out with fresh price targets on Rivian RIVN stock after the second quarter earnings report. Needham has set the highest price target at $31 while RBC Capital has set a price target of $15. Here are todays Rivian coverage from the analysts:
Goldman Sachs maintains Rivian Automotive at Neutral and raised the price target from $18 to $23.
Deutsche Bank maintains Rivian Automotive at Buy and raised the price target from $26 to $29.
Cantor Fitzgerald reiterated a Neutral rating on Rivian stock and set a price target of $29.
RBC Capital maintains the automotive stock at Sector Perform and raised the price target from $14 to $15.
Needham reiterated RIVN at Buy and set a price target of $31.
Rivian RIVN 2023 Q2 Earnings report
Rivian second quarter figures beat analysts expectations while raised full-year production guidance.
The company reported revenue of $1,12 billion beating Wall Street estimates of $980 million.
Second quarter loss was $1.08 per share below the expectations for a loss of $1.42 per share.
Rivian had $9.26 billion in cash, down from $11.24 billion the company had at the end of Q1.
Rivian narrowed its full-year 2023 adjusted EBITDA loss to $4.2 billion, compared with the $4.3 billion previously forecasted.
Rivian produced 13,992 units in Q2 and delivered 12,640 vehicles.
The electric auto maker now expects to produce 52,000 vehicles, up from previous guidance of 50,000 vehicles.
Rivian stock closed 9,88% lower today at $22,35. The company has a market cap of $23,3 billion. The stock has a 52-week trading range between $11,68 and $40,86. RIVN stock has an all time high close at $129,95 on November 8th, 2021.
Find here the latest Rivian price target.
Nikolas has been involved in the finance industry for over fifteen years spanning across Europe and USA with a depth of knowledge and experience within many aspects of the financial markets. Nikolas gained several years experience with some of the Europe’s leading Brokers, as equity analyst, and trader managing accounts for both Private and Corporate Investors. He enjoys both the fundamental and technical aspects of trading focusing on stock markets and all FX majors. Currently, Nikolas provides analysis and comments to online financial publications. Educational background in Economics (BSc), and Finance (MSc).
