Professional
Open live CFD account Try free demo
Call: 1800 885 571 Mail: support@gomarkets.com
Login Open account
Login Open account
Professional
Login Open account
News & analysis
Try free demo Open account
News & analysis
Try free demo Open account

Rivian results announced – the stock is up

11 May 2023 By GO Markets

Share

American electric vehicle Rivian Automotive Inc. (NASDAQ: RIVN) reported the latest financial results for Q1 after the market close in the US on Tuesday.

Company overview

  • Founded: June 2009
  • Headquarters: Irvine, California, United States
  • Number of employees: 14,122 (December 2022)
  • Industry: automotive, energy storage
  • Key people: R. J. Scaringe (CEO)

The results

The company reported revenue that fell slightly short of analyst estimates at $661 million (up from $95 million from Q1 2022) vs. $664.396 million expected.

Loss per share reported at -$1.25 per share, which was less than -$1.622 loss per share expected.

Rivian reiterated that it is on track to produce 50,000 vehicles in 2023, which would represent a 100% increase from last year.

Company commentary

“In the first quarter of 2023, we produced 9,395 and delivered 7,946 vehicles. This progress was despite our commercial van production line being down for a significant portion of the quarter as we introduced our Enduro motor and LFP technology into the commercial van production process,” company said in a letter to shareholders.

“We expect to continue to see a variance between production and delivery volumes as we ramp our production facility.”

“Operating and financial results during the first quarter of 2023 were in-line with our expectations and as a result, we are reaffirming our previously disclosed 2023 guidance of 50,000 total units of production, $(4,300) million in Adjusted EBITDA, and $2,000 million in capital expenditures.”

“We want to thank our employees, customers, suppliers, partners, communities, and shareholders for their continued support of our vision.”

The latest results and comments from the company had a positive impact on the share price.

The stock was up by around +4% on Wednesday at $14.44 a share.

Stock performance

  • 1 month: +1.94%
  • 3 months: -27.96%
  • Year-to-date: -21.51%
  • 1 year: -29.78%

Rivian price targets

  • Evercore ISI: $25
  • Cantor Fitzgerald: $27
  • Canaccord Genuity: $40
  • JP Morgan: $23
  • A. Davidson: $16

Rivian is the 1181st largest company in the world with a market cap of $13.53 billion, according to CompaniesMarketCap.

You can trade Rivian Automotive Inc. (NASDAQ: RIVN) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD.

Sources: Rivian Automotive Inc., TradingView, MarketWatch, MetaTrader 5, TipRanks, CompaniesMarketCap, Wikipedia

 

Ready to start trading?

Try free demo Open account

The information provided is of general nature only and does not take into account your personal objectives, financial situations or needs. Before acting on any information provided, you should consider whether the information is suitable for you and your personal circumstances and if necessary, seek appropriate professional advice. All opinions, conclusions, forecasts or recommendations are reasonably held at the time of compilation but are subject to change without notice. Past performance is not an indication of future performance. Go Markets Pty Ltd, ABN 85 081 864 039, AFSL 254963 is a CFD issuer, and trading carries significant risks and is not suitable for everyone. You do not own or have any interest in the rights to the underlying assets. You should consider the appropriateness by reviewing our TMD, FSG, PDS and other CFD legal documents to ensure you understand the risks before you invest in CFDs. These documents are available here.

#Indice #Indices #IndicesTrading #IndexTrading #Shares #Stockmarket #Stocks