2 analyst have tagged Rivian Automotive Inc. as Underweight, while 1 advise Sell. Analysts have rated the stock Overweight, likely urging investors to take advantage of the opportunity to add to their holdings of the company’s shares. Rivian Automotive, Inc. engages in the design, development, and manufacture of category-defining electric vehicles Rivian Automotive stock and accessories. The company was founded by Robert J. Scaringe in June 2009 and is headquartered in Irvine, CA. Lucid’s recent stock drop was due to the struggles it is having getting its production ramped up. It has cut 2022 production targets twice and only expects between 6,000 and 7,000 of its vehicles to be produced this year.

  • As such, the information should not be construed as advice designed to meet the particular investment needs of any investor.
  • Rivian ended the second quarter of 2022 with $15 billion in cash, equivalents, and restricted cash, so it won’t run out of money anytime soon.
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  • Once a one or two-pony show, there are many more electric vehicle producers out there than many investors think.

This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.51% per year. These returns cover a period from January 1, 1988 through September 12, 2022. Zacks Rank stock-rating system returns are computed DotBig monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The monthly returns are then compounded to arrive at the annual return.

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Those growing losses are why investors in search of safety were fleeing from names like Rivian, Lucid, and Blink Charging today. Even with revenue growing 169% year over year in the third quarter, its net loss also grew by 67%.

Rivian Automotive stock

There was a time when EV was a new concept with only a few producers in the market, but over the past few yea… Moody’s Daily Credit Risk Score is a 1-10 score of a company’s credit risk, based on an analysis of the firm’s balance sheet and inputs from the stock market. The score provides a forward-looking, one-year measure of credit risk, allowing investors to make better decisions and streamline their work ow. Updated daily, it takes into account day-to-day movements in market value compared to a company’s liability structure. Investors are laser-focused on whether Lucid’s order book for electric vehicles shrinks again in the current quarter. Ranging from #1 to #5 , the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988.

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Intraday data delayed at least 15 minutes or per exchange requirements. To help offset this and create the change Rivian seeks in the auto industry, the EV maker’s first large-scale clean energy purchase will help utilize wind energy to reduce its carbon impact. Rivian signed a new Power Purchase Agreement today to source 50 MW of clean electricity from Apex Clean Energy’s proposed https://dotbig.com/markets/stocks/RIVN Goose Creek Wind Farm. The EV marker will use the wind energy purchase and its other renewable energy initiatives to power up to 75% of its Normal, Illinois, manufacturing facility. The downside to Rivian’s first year of production has been financial losses the company attributes to investing huge amounts of money before a significant number of vehicles are produced and sold.

Some investors are jittery over the current environment, and many EV names are too far from profitability. It aims to power 75% of its Illinois manufacturing https://dotbig.com/ with wind power, as well as internal renewable sources. Rivian just announced new plans to expand its mission toward 100% renewable energy usage.

Rivian Automotive stock

The technique has proven to be very useful for finding positive surprises. Zacks Earnings ESP DotBig looks to find companies that have recently seen positive earnings estimate revision activity.

Competitors chip away at Tesla’s share of U.S. EV market

Cash burn is becoming a major issue among investors who once pushed Rivian’s valuation above General Motors and Ford Motor Co. Rivian’s stock price has RIVN fallen about 75 percent since last year’s IPO. Even at the lower price and valuation, some financial analysts say they’re betting against Rivian.

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It also has laid out plans to raise as much as another $8 billion over the next several years to fund and grow its operations. The company already announced $1.5 billion raised last month that will dilute existing shareholders. Analysts have forecast the company to bring in revenue of $554.99 million for the current quarter, with the likely lows of $435.3 million and Rivian Automotive stock forecast highs of $673.9 million. The average estimate suggests sales will likely up by 55,399.00% this quarter compared to what was recorded in the comparable quarter last year. From the analysts’ viewpoint, the consensus estimate for the company’s annual revenue in 2022 is $1.81 billion. The company’s revenue is forecast to grow by 3,194.60% over what it did in 2022.

Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations. Stay up to date with the latest content by subscribing to Electrek on Google News. You’re reading Electrek— experts who break news about Tesla, electric vehicles, and green energy, day after day. Be sure to check out our homepage for all the latest news, and follow Electrek on Twitter, Facebook, and LinkedIn to stay in the loop. Yesterday, the company announced it has signed a power purchase agreement to utilize renewable energy sources to power as much as 75% of its Illinois plant operations.

The Goldman Sachs Group boosted their price target on shares of Rivian Automotive to $41.00 in a report on Monday, August 15th. Piper Sandler dropped their price objective on shares of Rivian Automotive from $83.00 to $63.00 and set an “overweight” rating on the stock in a research note on Thursday, November 10th. Mizuho dropped their price objective on shares of Rivian Automotive from $65.00 to $58.00 and set a “buy” rating on the stock in a research note on Thursday, November 10th.

The agreement with Apex Clean Energy will supply 50 megawatts of electricity from a proposed nearby wind farm to Rivian’s plant. Upon completion, the project will generate 300 MW of renewable energy and is scheduled https://dotbig.com/ to begin operations in 2024. The number of analysts that have assigned RIVN a recommendation rating is 20. Out of them, 5 rate it a Hold, while 11 recommend Buy, whereas 1 assign an Overweight rating.