On the 9th (local time), Rivian shares closed at $22.35 on the New York Stock Exchange, down 9.88% from the previous trading day. This is the biggest drop since March. Despite the company’s strong performance, which exceeded market forecasts the previous day, and its production target for this year was raised, the stock price fell significantly.
Rivian announced after the market close the previous day that its second quarter revenues were $1.12 billion. That’s above Wall Street’s projection of $1 billion. Adjusted loss per share came in at $1.08, well below the consensus estimate of $1.41. Production in the second quarter recorded 13,992 units, and deliveries increased by 59% compared to the first quarter to 12,640 units.
Rivian raised its annual production forecast for this year from 50,000 to 52,000. It also lowered its full-year operating loss guidance to $4.2 billion from $4.3 billion.
<MarketWatch> diagnosed this day’s sharp decline because many Wall Street analysts maintain토토사이트 a cautious view of Rivian and the direction of the stock price.
“I’m thinking about Rivian,” said Alex Porter, an analyst at Fifesandler. He said he maintains a ‘neutral’ rating on the stock. However, the target price was raised from $14 to $22.
DADavidson analyst Michael Schlisky raised his price target for Rivian to $25 from $18, but maintained a ‘neutral’ rating. “With new electric SUVs and pickup trucks entering the market every month, we’re not 100 percent sure about the Rivian yet and there are execution risks,” he said, but the company “seems headed in the right direction.” did.
Jordan Levy, an analyst at Truest, said he would keep his price target at $30, though he “showed to Wall Street that Rivian’s methodical approach to cost cutting is paying off.”
On the other hand, some analysts offered more optimistic analysis and forecasts for Rivian.
“Last quarter, Rivian took a big step in the right direction in regaining Wall Street’s trust,” said Dan Ives, analyst at Wedbush Securities. done,” he said. Ives raised Rivian’s price target from $30 to $32 and maintained a ‘buy’ rating.
“With Rivian making parts in-house, we are starting to see cost improvements and we expect this to grow even further in the future,” said Baird analyst Ben Kahlo. The stock price was raised from $27 to $30.
Rivian stock has soared about 60% in the past three months. In particular, after announcing production and delivery volume in the second quarter, which greatly exceeded the forecast early last month, it showed a steep rise.