Zacks: Brokerages Expect Rivian Automotive, Inc. (NASDAQ:RIVN) Will Post Quarterly Sales of $113.64 Million

Wall Street brokerages expect Rivian Automotive, Inc. (NASDAQ:RIVNGet Rating) to post sales of $113.64 million for the current fiscal quarter, according to Zacks. Five analysts have made estimates for Rivian Automotive’s earnings. The lowest sales estimate is $92.58 million and the highest is $175.50 million. The firm is expected to report its next earnings results after the market closes on Monday, January 1st.

On average, analysts expect that Rivian Automotive will report full year sales of $1.87 billion for the current financial year, with estimates ranging from $1.41 billion to $2.17 billion. For the next financial year, analysts forecast that the firm will report sales of $6.13 billion, with estimates ranging from $4.19 billion to $7.73 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Rivian Automotive.

Rivian Automotive (NASDAQ:RIVNGet Rating) last announced its earnings results on Thursday, March 10th. The electric vehicle automaker reported -2.43 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of -1.97 by -0.46. The company had revenue of 54.00 million for the quarter, compared to analysts’ expectations of 60.72 million.

A number of analysts recently issued reports on RIVN shares. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Rivian Automotive from $91.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, April 21st. Wedbush cut their price target on shares of Rivian Automotive from $130.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, March 11th. UBS Group initiated coverage on shares of Rivian Automotive in a research note on Tuesday, January 11th. They set a “buy” rating on the stock. JPMorgan Chase & Co. cut their price target on shares of Rivian Automotive from $104.00 to $84.00 in a research note on Wednesday, January 26th. Finally, Wells Fargo & Company cut their price target on shares of Rivian Automotive from $70.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Friday, March 11th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of 83.06.

Shares of NASDAQ RIVN opened at 31.74 on Tuesday. Rivian Automotive has a 1 year low of 29.32 and a 1 year high of 179.47. The stock’s 50 day moving average price is 43.60. The company has a current ratio of 14.14, a quick ratio of 13.93 and a debt-to-equity ratio of 0.06.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Amazon com Inc acquired a new stake in Rivian Automotive during the 4th quarter valued at $16,420,746,000. Coatue Management LLC acquired a new stake in Rivian Automotive during the 4th quarter valued at $3,652,616,000. BlackRock Inc. acquired a new stake in Rivian Automotive during the 4th quarter valued at $3,195,595,000. Capital Research Global Investors acquired a new stake in Rivian Automotive during the 4th quarter valued at $2,562,520,000. Finally, Soros Fund Management LLC acquired a new stake in Rivian Automotive during the 4th quarter valued at $2,056,770,000. 78.67% of the stock is owned by institutional investors and hedge funds.

About Rivian Automotive (Get Rating)

Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.

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Earnings History and Estimates for Rivian Automotive (NASDAQ:RIVN)

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