Rivian’s Pace In Line with Annual Production Guidance

Shares of Rivian Automotive, Inc. (NASDAQ: RIVN) rose 1.3% in the extended trading session on Tuesday after the company announced that it manufactured 2,553 vehicles at its manufacturing facility in Normal, Illinois, in the first quarter of 2022.

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Further, it delivered 1,227 vehicles during the quarter. The company said that the figures met its expectations.

Rivian is of the opinion that it is “well-positioned to deliver on the 25,000 annual production guidance provided during the fourth-quarter earnings call on March 10.”

About Rivian

California-based Rivian designs, develops, manufactures and sells EVs and accessories to customers in the consumer and commercial markets. It also offers a suite of value-added services that address the entire lifecycle of the vehicle.

Apart from Normal, Illinois, the company has facilities in Palo Alto, California; Carson, California; Plymouth, Michigan; Vancouver, British Columbia; Wittmann, Arizona; and Woking, England.

Wall Street’s Take

Last month, Mizuho Securities analyst Vijay Rakesh maintained a Buy rating on the stock but lowered the price target from $100 to $95 (125.2% upside potential).

The analyst expects the company to deliver over 23,000 vehicles this year and 88,000 in the next.

Overall, the stock has a Moderate Buy consensus rating based on 10 Buys and five Holds. RIVN’s average price target of $76.08 implies 80.3% upside potential. Shares have lost 58.1% over the past year.

Website Traffic

TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (NYSE: SEMR), the world’s biggest website usage monitoring service, offers insight into Rivian’s performance.

According to the tool, compared to the previous year, Rivian’s website traffic registered a nearly 2% decline in global visits in February. However, the website traffic has increased 57.2% so far this year against the same period last year.

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