What’s Going On With Rivian Automotive Stock?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading lower Wednesday. The company reported its second-quarter financial results on Tuesday after the market close. Here’s what to know:

What To Know:

Rivian reported quarterly losses of $1.08 per share, beating the analyst consensus estimate of a loss of $1.41 per share. The company also reported quarterly sales of $1.12 billion, beating the consensus estimate of $978.88 million by 14.52% and representing a 207.97% increase over sales of $364.00 million from the same period last year.

Rivian Automotive stated that it produced 13,992 electric vehicles and delivered 12,640 EVs during the second-quarter and believes that the company is on track to meet its previously-delivered 50,000 vehicle annual production guidance.

The company updated its guidance in a letter to investors: “We remain focused on ramping production and implementing core technologies designed to reduce cost and improve the customer offering. Based on the progress of our production ramp, including the ramp of our in-house motor, along with our latest understanding of the supply chain, we are increasing our production guidance to 52,000.”

“We have also seen strong progress in our cost reduction efforts, and are improving our Adj. EBITDA guidance to $(4,200) million. Finally, we have reduced our expected capital expenditures for the year driven by a shift in expense timing. We are lowering our capital expenditures guidance to $1,700 million.”

On Wednesday, Needham analyst Chris Pierce reiterated Rivian Automotive with a Buy and maintained a $31 price target.

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RIVN Price Action: According to Benzinga Pro, shares of RIVN are trading over 7% lower at $22.99 at the time of publication.

Image: Courtesy of Rivian Automotive, Inc.