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Rivian Automotive, Inc. (NASDAQ:RIVN) shares slipped Friday as investors weighed mixed signals following the company’s third-quarter update.
Momentum has cooled despite strong growth, with Wall Street parsing comments about future scale and cash needs.
On November 4, the EV company announced third-quarter total revenue of $1.56 billion, representing an 78% year-over-year increase, surpassing the Street consensus estimate of $1.50 billion.
Also Read: Rivian Robotics Spinoff Will ‘Reshape How Physical World Businesses Operate’
Rivian also reported a consolidated gross profit of $24 million for the quarter.
The company posted a loss of 65 cents per share, which was better than the analyst consensus estimate for a loss of 72 cents per share.
JP Morgan analyst Ryan Brinkman reiterated the Underweight rating, with a price forecast of $10.
Brinkman said Rivian should grow rapidly after 2025 but burn significant capital to do it.
He stated that valuation support comes from comparisons with Tesla, Inc. (NASDAQ:TSLA), Lucid Group, Inc. (NASDAQ:LCID), and Chinese EV peers.
However, the analyst viewed comparisons with General Motors Company (NYSE:GM) and Ford Motor Company (NYSE:F) as tougher to justify. On his estimates, RIVN trades below Tesla but above Chinese BEV peers.
Brinkman said Rivian posted a positive third-quarter gross profit, its third since going public. It marked the first profitable quarter without help from phased-out regulatory credits.
The analyst remarked that management maintained its 2025 EBITDA loss outlook unchanged following the release of second-quarter guidance.
Brinkman cited that prior gross profits were larger in the fourth quarter of 2024 and the first quarter of 2025. Those periods benefited from $299 million and $157 million of regulatory credits, respectively.
Brinkman said the softer third-quarter results and management commentary prompted updated projections.
He now models a 2025 EBITDA loss of about $2.2 billion, compared with $2.0 billion previously. His 2026 estimate now projects a $1.6 billion loss, down from a $1.5 billion loss previously.
For 2027, the analyst now expects a $200 million profit, down from a $300 million forecast.
RIVN Price Action: Rivian Automotive shares were down 4.01% at $14.61 at the time of publication on Friday, according to Benzinga Pro data.
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