Why Rivian Stock Is Ripping Higher Premarket Wednesday

Shares of electric vehicle startup Rivian Automotive, Inc. RIVN rose premarket after the company reported first-quarter revenue of $661 million, a significant rise from $95 million a year earlier.

The top line was slightly above the consensus estimate of $652.05 million. The net loss per share widened from $1.45 to $1.77, although it was smaller than the $1.59 per share loss estimated by analysts.

As reported earlier, the company produced and delivered 9,395 and 7,946 electric vehicles, respectively, for the quarter.

The company ended the quarter with cash, cash equivalents and restricted cash of $11.78 billion.

Rivian affirmed its expectations for producing 50,000 units and reporting a $4.3 billion of adjusted EBITDA loss.

Following the quarterly results, the Barclays analyst maintained an Overweight rating and reduced the price target from $28 to $22.

In premarket trading on Wednesday, Rivian shares rallied 5.99% to $14.69, according to Benzinga Pro data.

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