Rivian Stock Jumps To 3-Week High Premarket: What's Going On?
Portfolio Pulse from Shanthi Rexaline
Rivian Automotive, Inc. (NASDAQ:RIVN) stock rallied in premarket trading following its Q3 results, which exceeded consensus estimates. The company reported a non-GAAP loss of $1.19 per share, narrower than the year-ago loss of $1.57 per share, and revenue climbed 150% to $1.34 billion. Rivian also raised its 2023 production guidance from 52,000 units to 54,000 units and ended its exclusivity agreement with Amazon for electric delivery vans. Needham analyst Chris Pierce reiterated a Buy rating on Rivian stock but reduced the price target from $31 to $25.
November 08, 2023 | 12:31 pm
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POSITIVE IMPACT
Rivian's better-than-expected Q3 results and positive future outlook could boost investor confidence and drive the stock price up in the short term.
Rivian's Q3 results exceeded consensus estimates, which is a positive signal to investors. The company's decision to raise its 2023 production guidance and end its exclusivity deal with Amazon could also be seen as a positive move, potentially leading to more business opportunities. These factors could drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100