Rivian Automotive, Inc.
will report earnings at approximately 4:10 PM ET on Thursday, March 10, 2022.
The consensus estimate is
for a loss of $1.58 per share on revenue of $61.67 million; but the Whisper
number is lower at ($1.65) per share.
The stock has drifted lower
by 52.6% from its open following the earnings release.
Overall earnings estimates
have been revised lower since the company's last earnings release.
Rivian, the Amazon- and Ford-backed electric vehicle firm went public in
November as the sixth-largest IPO in U.S. history and the largest of last year.
Shares have since fallen by more than 50% for the year-to-date, however, amid a
broad rotation out of growth and technology stocks.
Rivian has had its fair share of company-specific challenges as well. The
California-based EV maker missed its 2021 vehicle production target, coming up
short compared to the 1,200 vehicles it had targeted for last year. And the
stock took another leg lower this week after Rivian took back price increases
for its electric trucks and SUVs for some pre-orders due to customer backlash.
Monday Rivian Automotive Inc was sued by a shareholder who claimed the startup
failed to tell investors it had underpriced its electric vehicles, leading to
unpopular price hikes that it swiftly rolled back.
Charles Larry Crews said Rivian concealed how its R1S SUV and R1T pickup truck
were so underpriced that it needed to raise prices soon after its November
initial public offering.
the increases "would tarnish
Rivian's reputation as a trustworthy and transparent company," and
risk cancellation of a large number of 55,400 preorders dating back to 2018.
Also, analysts are getting more conservative going into the earnings
On Tuesday, Barclay’s analyst Brian Johnson cut his Rivian price target
all the way to $47 a share from $115. He kept his Hold rating on shares. Rising
prices for just about everything led Johnson to cut his profit margins targets
for the coming couple of years.
Johnson isn’t the first analyst to cut his price target. The average
analyst target price is down to about $116 a share from $133 over the past
month. The average analyst price target was about $134 a share in December,
shortly after the company completed its initial public offering of stock in
Recent analyst target price cuts reflect what has been going on with the
stock. Coming into Tuesday trading, Rivian shares are down almost 60% year to
date. They are down about 45% from their $78 IPO price.