Rivian Automotive Inc. (NASDAQ:RIVN) reported upbeat results for the third quarter on Thursday.

The company posted third-quarter revenue of $2.155 billion. That’s up 38% year-over-year. The revenue total beat a Street consensus estimate of $1.984 billion, according to Benzinga Pro.

The electric car company reported an adjusted loss of 48 cents per share, beating the Street consensus estimate of 72 cents per share.

Rivian now guides for full-year deliveries of 67,000 to 70,000 units, up from a prior range of 65,000 to 70,000. Adjusted EBITDA is expected to be a loss of $1.85 billion to $1.75 billion, an improvement of $100 million at the midpoint.

“We are laying the foundations for a future that we believe will be fully electric, autonomous and AI defined,” Rivian CEO RJ Scaringe said. “I could not be more excited about the opportunity ahead for Rivian.”

Rivian Automotive shares rose 8.7% to $12.43 in pre-market trading

These analysts made changes to their price targets on Rivian Automotive following earnings announcement.

• Needham analyst Chris Pierce maintained the stock with a Buy and lowered the price target from $23 to $18.
• Cantor Fitzgerald analyst Andres Sheppard maintained the stock with a Neutral and lowered the price target from $19 to $16.

Considering buying RIVN stock? Here’s what analysts think:

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