Rivian Stock Hits Speed Bump After Electrifying 9-Day Rise: What's Going On?
Portfolio Pulse from Shanthi Rexaline
Rivian Automotive, Inc. (NASDAQ:RIVN) stock fell in premarket trading on Tuesday after a nine-session winning run. The rise was due to multiple factors including a partnership with Tesla, Inc. (NASDAQ:TSLA), better-than-expected Q2 deliveries, and optimism about its EV uptake. Analysts have upgraded their view of the stock, with an average price target of $24. The next major catalyst is the company's earnings report due on Aug. 8, where a narrower loss and a revenue climb of 158% are expected.
July 11, 2023 | 11:39 am
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Rivian's stock fell after a winning streak, but analysts have upgraded their view of the stock. The company's earnings report due on Aug. 8 is expected to show a narrower loss and a significant revenue climb.
The fall in Rivian's stock price is likely due to profit-taking after a significant rise. However, the upgraded view from analysts and the expected positive earnings report could potentially drive the stock price up in the near future.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
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Tesla's partnership with Rivian has been one of the catalysts for Rivian's recent stock price rise.
Tesla's partnership with Rivian has been mentioned as one of the factors contributing to Rivian's stock price rise. However, the direct impact on Tesla's stock price is not clear from the news.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50