Rivian To $63? These Analysts Slash Price Targets On The Electric-Truck Maker Following Q3 Results

Rivian Automotive RIVN reported better-than-expected Q3 earnings results.

Rivian reported third-quarter revenue of $536 million, missing analysts’ estimates of $551.6 million. The company reported a loss of $1.57 per share, beating market expectations for a loss of $1.82 per share.

Rivian produced 7,363 vehicles and delivered 6,584 vehicles in the third quarter.

Rivian shares jumped 14.3% to trade at $32.09 on Thursday.

These analysts made changes to their price targets on Rivian following the release of quarterly results.

• Piper Sandler cut price target on the stock from $83 to $63. Piper Sandler analyst Alexander Potter maintained an Overweight rating on the stock.
• Wedbush lowered Rivian price target from $45 to $37. Wedbush analyst Daniel Ives maintained an Outperform rating on the stock.
• DA Davidson reduced the price target on Rivian from $27 to $23. DA Davidson analyst Michael Shlisky maintained an Underperform rating on the stock.