Rivian Automotive Inc TORN shares are trading higher Wednesday afternoon, bouncing back after hitting new 52-week lows in early trading. Here’s a look at what’s going on.
What Happened: Late Tuesday, Rivian turned in fourth-quarter and full-year production totals that fell short of the company’s expectations.
Rivian said it produced 10,020 vehicles in the fourth quarter, bringing total deliveries up to 24,337 for the year. The EV company previously guided for 25,000 vehicles to be produced during the year.
Rivian said it delivered 8,054 vehicles in the fourth quarter, up from 6,584 vehicles in the third quarter.
Related Link: Key Tesla Rival Rivian Misses 2022 Production Target As Supply Chain Challenges Hurt
Following Rivian’s production update, Truist Securities analyst Jordan Levy lowered the price target on Rivian from $65 to $50.
On Tuesday, Rivian shares fell alongside Tesla Inc TSLA shares after the EV competitor reported lighter-than-expected deliveries for the fourth quarter.
Amazon.com Inc AMZN-backed Rivian designs, develops and manufactures category-defining electric vehicles and accessories.
RIVN Price Action: Rivian hit new 52-week lows on Wednesday before bouncing back and turning positive for the session.
The stock was up 2.68% at $17.81 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Rivian.