Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

These Analysts Cut Their Forecasts On Rivian Automotive After Q4 Loss

Published 22/02/2024, 17:26
© Reuters.  These Analysts Cut Their Forecasts On Rivian Automotive After Q4 Loss
RIVN
-

Benzinga - by Avi Kapoor, Benzinga Staff Writer.

Rivian Automotive, Inc. (NASDAQ: RIVN) reported a wider-than-expected loss for its fourth quarter and announced plans to reduce its salaried workforce by around 10% to help further improve costs.

Rivian reported fourth-quarter revenue of $1.32 billion, which beat a Street consensus estimate of $1.26 billion, according to data from Benzinga Pro. The company reported a loss of $1.36 per share, which missed a Street estimate of a loss of $1.32 per share.

The company said it sees production of 57,000 vehicles in 2024. It sees adjusted EBITDA of a loss of $2.7 billion for 2024.

"We made great progress in 2023 despite economic headwinds, and we're excited about the year ahead. We firmly believe in the full electrification of the automotive industry but recognize in the short-term, the challenging macro-economic conditions," Rivian CEO RJ Scaringe said.

Rivian Automotive shares fell 25.2% to trade at $11.52 on Thursday.

These analysts made changes to their price targets on Rivian Automotive after the company reported quarterly results.

  • Needham cut the price target on Rivian Automotive from $22 to $18. Needham analyst Chris Pierce maintained a Buy rating.
  • B of A Securities slashed the price target on Rivian Automotive from $40 to $25. B of A Securities analyst John Murphy maintained a Buy rating.
  • DA Davidson lowered the price target on Rivian Automotive from $19 to $17. DA Davidson analyst Michael Shlisky maintained a Neutral rating.

Now Read This: Booking Holdings Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Latest Ratings for RIVN

DateFirmActionFromTo
Mar 2022WedbushMaintainsOutperform
Mar 2022Wells FargoMaintainsEqual-Weight
Mar 2022RBC CapitalMaintainsOutperform
View More Analyst Ratings for RIVN

View the Latest Analyst Ratings

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.