Rivian Rebounds From Record Low In Premarket: What's Going On With The Stock
Portfolio Pulse from Shanthi Rexaline
Rivian Automotive, Inc. (NASDAQ:RIVN) experienced a premarket rebound after a significant drop last week due to disappointing 2024 delivery guidance and subsequent analyst downgrades. JPMorgan, UBS, and Truist Securities all downgraded the stock and lowered their price targets. Tesla investor Gary Black defended Rivian, highlighting its potential and upcoming second-gen R2 EV launch. Rivian's stock rose 1.09% to $10.18 in premarket trading.
February 26, 2024 | 12:15 pm
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Rivian's stock rebounds after a significant drop, with positive commentary from Tesla investor Gary Black and anticipation for the R2 EV launch.
Rivian's rebound is likely due to the market's reaction to the overdone sell-off, supported by Gary Black's positive outlook and the upcoming launch of the R2 EV. The stock's recovery in premarket trading indicates a potential short-term positive impact.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100