What's Going On With Rivian (RIVN) Stock
Portfolio Pulse from Henry Khederian
Rivian Automotive Inc (RIVN) shares are trading lower by 3.75% to $23.90. The stock is falling in sympathy with peer EV maker Tesla Inc after Tesla reported second-quarter earnings results. Tesla's revenue rose 47% YoY to $24.93 billion, surpassing estimates. However, operating margins were 9.6%, and gross margins were 18.2%, down from 25% YoY.
July 20, 2023 | 2:52 pm
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NEGATIVE IMPACT
Rivian's stock is trading lower due to Tesla's Q2 earnings report. Despite Tesla's revenue beating estimates, the decrease in margins has negatively impacted Rivian's stock.
Rivian's stock is trading lower due to the market's reaction to Tesla's Q2 earnings report. Despite Tesla's revenue beating estimates, the decrease in margins has led to a negative sentiment in the EV market, impacting Rivian's stock.
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IMPORTANCE 75
RELEVANCE 100