Rivian Automotive Inc (NASDAQ:RIVN) shares are trading lower by 5.98% to $13.01 Friday afternoon. The stock is trading lower during Friday’s session following strength earlier this week, potentially due to profit-taking and overall market weakness Friday, after the company reported better-than-expected first-quarter results.
Rivian shares are lower by 16.7% from the peak of Wednesday trading following this week’s earnings print. The stock also received a number of analyst rating updates following the earnings print.
What Happened?
Rivian Automotive reported quarterly losses of $1.25 per share which beat the analyst consensus estimate of a loss of $1.58.
The company also reported quarterly sales of $661.00 million which beat the analyst consensus estimate of $642.22 million by 2.9%. This sales figure represents a marked 596% increase over sales of $95.00 million in the same period last year.
Rivian reported production of 9,395 units in the first quarter and 7,946 deliveries. The company has produced over 35,000 vehicles since it began production as of the end of the first quarter.
“During the first quarter of 2023, R1 production continued to grow quarter-over-quarter and EDV is ramping production after the successful introduction of our in-house motor and lithium iron phosphate battery pack,” the company said…Read More
According to data from Benzinga Pro, RIVN has a 52-week high of $40.86 and a 52-week low of $11.68.
