Why Rivian Stock Is Sinking Today
Portfolio Pulse from Ryan Gustafson
Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading lower despite reporting solid Q3 earnings results that beat analyst estimates. The company also increased its 2023 production forecast due to production line advancements and an improved outlook on the supply chain. However, the stock has pulled back, trading lower by over 12% on Thursday. Additionally, two analysts have lowered their price targets on the stock.
November 09, 2023 | 9:01 pm
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Rivian's stock is trading lower despite positive Q3 earnings and increased 2023 production forecast. Analysts have also lowered their price targets.
Despite reporting solid Q3 earnings and increasing its 2023 production forecast, Rivian's stock is trading lower. This could be due to the lowered price targets by analysts, which may have led to a decrease in investor confidence.
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