These Analysts Cut Their Forecasts On Rivian Automotive After Q4 Loss
Portfolio Pulse from Avi Kapoor
Rivian Automotive, Inc. (NASDAQ:RIVN) reported a Q4 loss wider than expected and plans to cut its salaried workforce by 10%. Despite beating revenue estimates with $1.32 billion, its loss per share of $1.36 missed expectations. The company anticipates producing 57,000 vehicles in 2024 with an adjusted EBITDA loss of $2.7 billion. Following the report, Rivian's shares dropped 25.2% to $11.52. Analysts from Needham, B of A Securities, and DA Davidson adjusted their price targets on RIVN, all maintaining their previous ratings.
February 22, 2024 | 5:26 pm
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NEGATIVE IMPACT
Rivian reported a larger Q4 loss than expected and announced a 10% workforce reduction. Despite beating revenue expectations, its share price fell significantly. Analysts have adjusted their price targets but maintained their ratings.
The wider-than-expected loss and workforce reduction announcement are likely to negatively impact investor sentiment in the short term, as evidenced by the significant drop in share price following the report. The adjustments in price targets by analysts, despite maintaining their ratings, further indicate concerns about Rivian's short-term financial health.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100