Why Rivian Shares Look Set To Extend Rally Today
Portfolio Pulse from Shanthi Rexaline
Rivian Automotive, Inc. (NASDAQ:RIVN) shares climbed in premarket trading following the release of its Q2 results. The company reported a YoY increase in revenue to $1.12 billion, exceeding the consensus estimate of $1 billion. The net loss per share also narrowed YoY from $1.89 to $1.27, beating analysts' estimates. Rivian raised its 2023 production guidance from 50,000 units to 52,000 units and improved its adjusted EBITDA guidance. Wedbush analyst Daniel Ives commented positively on the results.
August 09, 2023 | 9:52 am
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Rivian's better-than-expected Q2 results and improved 2023 guidance could boost investor confidence and potentially drive the stock price up in the short term.
Rivian's Q2 results exceeded estimates, with revenue and net loss per share both beating expectations. The company also raised its 2023 production guidance, which could signal confidence in its future performance. These factors could boost investor sentiment and drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100