Rivian Automotive Inc RIVN Shares are trading 5.98% lower at $13.01 on Friday afternoon. The stock is trading lower during Friday’s session after a sharp gain earlier this week, possibly reflecting profit-taking and broader market weakness on Friday after the company reported a better-than-expected first quarter Results.

Rivian shares are down 16.7% from Wednesday’s trading peak after this week’s earnings release. The stock also received a number of Updates to analyst ratings after the printout of the results.

What happened?

Rivian Automotive reported a quarterly loss of $1.25 per share, beating analyst consensus treasure a loss of $1.58.

The company also reported quarterly revenue of $661.00 million, beating analysts’ consensus estimate of $642.22 million by 2.9%. This revenue figure represents a significant increase of 596% over revenue of $95.00 million for the same period last year.

Rivian reported production of 9,395 units and 7,946 deliveries in the first quarter. The company has produced over 35,000 vehicles since production began at the end of the first quarter.

“In the first quarter of 2023, R1 production continued to grow quarter-on-quarter and EDV ramps up production following the successful launch of our in-house motor and lithium iron phosphate battery pack,” the company said.Continue reading

According to data from Gasoline ProRIVN has a 52-week high of $40.86 and a 52-week low of $11.68.