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This positive growth trend could continue over the next five years and possibly accelerate when macroeconomic conditions ease. Rivian reported its earnings last week, revealing that it would lay off about 10% of its staff. The company also guided for the production of 57,000 vehicles in 2024. That’s significantly lower than the analyst estimate for 81,700 vehicles. Rivian produced 57,232 vehicles in 2023, meaning that there would be no production growth in the following year. Zacks provides the average brokerage recommendation (ABR) for thousands of stocks for most of the leading investment web sties.

NBC’s Phil LeBeau and Rivian CEO RJ Scaringe join ‘Squawk Box’ to discuss the company’s quarterly earnings results, 2024 production guide which widely missed Wall Street estimates, slowdown of the EV … Rivian Automotive’s shares fell the most on record after the electric-vehicle maker issued a disappointing production forecast and announced another round of job cuts. Get stock recommendations, portfolio guidance, and more from The Motley Fool’s premium services.

RIVN Analyst Ratings By Month

To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a tool that unites all of TipRanks’ equity insights. With capacity so much greater than demand, the analyst warns that gross profit margins will probably remain negative (10%) for the year, but hopes to see them turn positive by year-end 2024. “We firmly believe in the full electrification of the automotive industry, but recognize in the short-term, the challenging macro-economic conditions,” said CEO RJ Scaringe. The Zacks Industry Rank assigns a rating to each of the 265 X (Expanded) Industries based on their average Zacks Rank.

This year, Levy is focused on margin improvements for the R1 vehicles and the Electric Delivery Van (EDV). Higher margins will ultimately contribute to profitability. In most cases the # of brokers listed above is less than the # of brokerage firms that have a recommendation on the stock. That is because some firms prohibit Zacks from displaying detailed information on their recommendations such as in the upgrade/downgrade table.

Perhaps most importantly, the company is beginning construction of its new 1,800-acre factory outside Atlanta this year. With phase one expected to be completed in 2026, it will increase total output by 200,000 units. Once fully operational in 2030, Rivian expects production to increase by 400,000. In 2023, Rivian produced more than 57,000 vehicles, its best year ever. Just three years ago, Rivian manufactured just over 1,000 vehicles. For Rivian, the details around the R2 debut will be especially important for both consumers and analysts.

1. Rivian Automotive’s shares fell the most on record after the electric-vehicle maker issued a disappointing production forecast and announced another round of job cuts.
2. The forecasts range from a low of $8.00 to a high of $36.00.
3. The company earned an initial valuation of over $100 billion, netting it roughly $12 billion in cash to fund its expansion.
4. “Rivian’s fairly bleak 2024 guidance, including no volume growth and continued steep losses, in our view, showcases the company’s deep challenges ahead,” Rosner wrote.

It allows the user to better focus on the stocks that are the best fit for his or her personal trading style. Rivian’s inability to generate income has forced it to utilize its cash position to sustain operations. Fortunately, its massive IPO helped paxful review bolster reserves, but in a matter of three years, its total cash position has been reduced by more than 60%. Sitting at just under $8 billion today, at its current pace, Rivian only has enough cash to last another two to three years at best.

The company was founded in 2009 and is based in San Jose, California. Rivian is among the greenest of the EV makers choosing to achieve plus500 forex review carbon neutrality well ahead of the Paris Climate Accord timeline. Two other firms lowered their RIVN price targets this morning.

Rivian Automotive, Inc. (RIVN)

In fact, if all goes according to plan, Rivian could rise to become one of the top EV manufacturers in America by 2027. Few other companies (let alone automakers) made as big of a public debut as Rivian (RIVN 0.18%). Raising more than $12 billion in 2021, Rivian’s IPO was the largest of any American company since Meta Platforms in 2014. avatrade Over the previous 90 days, Rivian Automotive’s stock had 2 downgrades by analysts. Kevin Green discusses this as Rivian’s production estimates were not up to the street’s expectations. The analyst noted that imminent capital needs are putting a ceiling on the shares, and concrete evidence of strength in R2 ordered is needed to bring …

Stifel dropped its target to $18 from $23 while maintaining a “buy” rating. And Barclays lowered its target to $12 from $16 while maintaining an “equal weight” rating. The current ABR compares to an ABR of 1.72 a month ago based on 23 recommendations.

On average, they expect the company’s share price to reach $20.73 in the next twelve months. This suggests a possible upside of 83.1% from the stock’s current price. View analysts price targets for RIVN or view top-rated stocks among Wall Street analysts. 23 Wall Street equities research analysts have issued “buy,” “hold,” and “sell” ratings for Rivian Automotive in the last year. There are currently 2 sell ratings, 9 hold ratings and 12 buy ratings for the stock.

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The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities. Best of all, several catalysts are currently in the works that could help push Rivian into the green. But since its historic start, Rivian has faced a daunting road in its journey to cement itself as a leader in the EV industry.

Rivian Automotive Inc. is staring down a challenging 2024 with few catalysts beyond the unveiling of its new midsize SUV, the R2, in the coming weeks, but the EV maker’s longer-term story remains inta… Rivian CEO RJ Scaringe skirted questions on whether the EV maker has enough cash to produce the R2. Scaringe told CNBC he’s “confident” in the capital Rivian has through 2025. Hosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Management is also hinting toward releasing smaller and more affordable options, which could help Rivian penetrate new markets like Europe, where consumers often prefer more compact options. Upgrade to MarketBeat All Access to add more stocks to your watchlist.

The R1T comes with 8 different drive modes geared for offroading, city adventures, and everything in between. Among the choices is the “Drift” mode which proactively distributes power to offset traction control and increase the “fun” factor. The vehicle comes with a 240 to 400-mile range depending on the battery and motor combination and individual driving styles. In regard to its capabilities, the truck can go from 0 to 60 in 3 seconds, tow up to 11,000 pounds, and wade through 3 feet of water with no problems. New Rank-Based ScoringMarketRank™ is calculated by averaging available category scores (with extra weight given to analysis and valuation), then ranking the company’s weighted average against that of other companies.

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Rivian Automotive Inc. emerged as a darling of investors — a brand with promise for bringing the “cool” factor to the once-red-hot market for electric vehicles. Rivian Automotive (RIVN) posted a wider-than-expected quarterly loss and provided 2024 production guidance that fell substantially below analysts’ expectations, sending the electric carmaker’s stock s… The latest results from carmakers showcase the advantages of having an old-fashioned combustion-engine business to fund—and hedge—the transition to electric vehicles.

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But despite the increase, profitability still evades the company. As it currently stands, expenses are near the highest levels ever. While production is up, costs have cut into any chance of turning a profit. Analysts like Rivian Automotive more than other Auto/Tires/Trucks companies.

Electric-vehicle startups Rivian and Lucid both provided disappointing guidance. Rivian CEO RJ Scaringe said the company made “great progress” in 2023 even with economic headwinds. Rivian (RIVN) falls after earnings and announces a 10% reduction in workforce. Its adjusted EPS came in at -$1.36 versus an estimated -$1.39 and revenue came in at $1.32B versus an estimated $1.28B. In 2023, RIVN’s revenue was $4.43 billion, an increase of 167.43% compared to the previous year’s $1.66 billion.