What's Going On With Rivian Stock?
Portfolio Pulse from Henry Khederian
Rivian Automotive Inc (NASDAQ:RIVN) shares dropped 10.7% to $10.23 after UBS downgraded the stock from Buy to Sell and reduced its price target from $24 to $8. The downgrade follows mixed Q4 financial results and a 10% workforce reduction. Despite exceeding revenue expectations with $1.32 billion in Q4, Rivian reported a loss of $1.36 per share. The company produced 17,541 vehicles and delivered 13,972 in Q4, with annual figures at 57,232 produced and 50,122 delivered. Year to date, RIVN shares have fallen 40.73%, outperforming its historical average annual return of -51.56%. The stock's RSI of 9.26 suggests it is oversold.
February 23, 2024 | 8:35 pm
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NEGATIVE IMPACT
Rivian's stock fell 10.7% following a downgrade by UBS from Buy to Sell and a price target cut from $24 to $8, amid mixed Q4 results and a workforce reduction.
The downgrade by UBS, combined with mixed Q4 financial results and a significant workforce reduction, directly impacts investor sentiment and Rivian's stock price. The reduction in price target suggests a bearish outlook on the stock's future performance, likely leading to a short-term negative impact on its price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100