Written by Cláudio Afonso | info@claudio-afonso.com
Rivian Automotive shares hit this Friday a new all-time low at $32.40. The company announced on April 5 that produced a total of 2,553 vehicles in Q1 2022 at its manufacturing facility in Normal, Illinois. Rivian delivered 1,227 vehicles during the same period being in line with the company’s expectations for the year. Rivian believes it is “well positioned to deliver on the 25,000 annual production guidance provided during its Q4 earnings call on March 10, 2022”.
The American electric vehicle maker had its IPO on November 10, 2021, raising nearly $13 Billion with a price of $78.00 per share. By then, Rivian and Lucid stocks were among the favorites for short-squeeze traders leading Rivian shares to their All-Time-High at $179.47 after the first week of trading. Rivian shares are now trading around $32.50, 82% down from their recent highs.
The company will report its financial results on May 11, 2022, after market close. Rivian will host an audio webcast to discuss its results and provide a business update at 2:00pm PT / 5:00pm ET the same day.
Yesterday, Deutsche Bank analyst Emmanuel Rosner maintained the firm’s Buy rating on Rivian Automotive lowering the price target from $91 to $90. Three months after initiating coverage on the company shares, the analyst had decreased the firm’s price target from $130 to $91. Based on the last closing price, Deutsche Bank’s new price target implies an upside potential of 167%.
Earlier this week, Mizuho Securities analyst Vijay Rakesh lowered the firm’s price target on Rivian shares to $90 from $95 while maintaining a Buy rating. The company will report its financial results on May 11, 2022, after market close. Also Piper Sandler analyst Alexander Potter lowered on Monday its price target on Rivian shares to $112 from $130.
Recently, Rivian CEO RJ Scaringe warned that the shortage of electric vehicles batteries can affect the auto industry soon being a challenge that “could surpass the current computer-chip shortage”. Auto makers have been facing limited supplies of raw materials like cobalt, lithium and nickel that are fundamental when making a battery.
The company announced last week the hiring of Anisa Kamadoli Costa as the company’s Chief Sustainability Officer, effective April 18, 2022. Previously, Anisa was Chief Sustainability Officer at Tiffany & Co. and Chairman and President of the Tiffany & Co. Foundation.
Written by Cláudio Afonso | info@claudio-afonso.com