Rivian stock up 15% on Q2 deliveries: this analyst still sees further upside

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Written on Jul 3, 2023

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Rivian reports better-than-expected vehicle deliveries for its Q2.
Barclays analyst Dan Levy sees further upside in its stock to $22.
Rivian stock is already up nearly 60% versus its year-to-date low.

Shares of Rivian Automotive Inc (NASDAQ: RIVN) jumped 15% on Monday after the EV company reported better-than-expected deliveries for its second financial quarter.

Rivian delivered 12,640 vehicles in Q2

The Irvine-headquartered firm delivered 12,640 vehicles in Q2 versus analysts at 11,000 only. The number translates to a whopping 59% sequential growth in deliveries, as per the press release.

Rivian produced a total of about 23,400 vehicles in the second quarter. On Monday, the Nasdaq-listed firm said it remains committed to producing 50,000 vehicles this year.

The electric vehicles company will report its full quarterly results in early August. Consensus is for it to lose $1.45 a share versus $1.89 per share a year ago.

Rivian stock is now up nearly 60% versus its year-to-date low. Still, Barclays analyst Dan Levy continues to see further upside in it.

Rivian stock has further room to the upside

In a recent note, Levy agreed that Rivian Automotive was not out of the woods just yet but said the stock could still climb to $22 – up another 16% from here.

Rivian has moved past many challenges which deeply challenged operations in 2022. We see improved confidence on the path to reaching gross margin breakeven in 2024.

Last month, the automotive technology company partnered with Tesla Inc to expand charging options for EV drivers.

Other than Rivian stock, peers Lucid and Nikola are in the green at writing as well because pack leader Tesla also reported better-than-expected deliveries for its fiscal second quarter on Monday (read more).