Rivian Rally Loses Steam: What's Going On With The EV Stock?
Portfolio Pulse from Shanthi Rexaline
Rivian Automotive, Inc. (NASDAQ:RIVN) shares fell over 3% in premarket trading due to profit-taking after a nearly 7% gain last week and a downgrade by Barclays analyst Dan Levy from Overweight to Equal-Weight. Levy also lowered his price target for Rivian from $27 to $25. Despite recent price reductions for its vehicles and a pause in Canadian deliveries for a software update, Rivian looks forward to its quarterly earnings report on Feb. 21 and the launch of its R2 EV platform on March 7.
February 12, 2024 | 12:35 pm
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NEGATIVE IMPACT
Rivian's stock fell over 3% in premarket trading due to profit-taking and a downgrade by Barclays from Overweight to Equal-Weight, with a price target cut from $27 to $25.
The short-term impact on RIVN's stock price is negative due to the combination of profit-taking after recent gains and a downgrade by a prominent analyst, which could dampen investor sentiment. However, upcoming events like the earnings report and R2 platform launch could influence future stock performance.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100