What's Going On With Rivian Automotive Stock?
Portfolio Pulse from Erica Kollmann
Rivian Automotive, Inc. (NASDAQ:RIVN) shares dropped 7% since Tuesday following its Q1 production and delivery report, producing 13,980 vehicles and delivering 13,588. Despite reaffirming its 57,000 vehicle production target for 2024, Morgan Stanley lowered its price target from $14 to $13. Rivian is expected to report a Q1 loss of $1.16 per share with $1.13 billion in revenue. The stock hit a 52-week low of $10.03, with 20.89% of shares sold short. Wall Street views Rivian as Neutral, with a significant expected decline.
April 05, 2024 | 4:01 pm
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NEGATIVE IMPACT
Rivian's shares fell 7% after Q1 production/delivery report, with a 52-week low of $10.03. Morgan Stanley lowered its price target, and a significant loss is expected in the upcoming financial results.
The drop in Rivian's stock price is directly related to its Q1 production and delivery report, which led to a lowered price target by Morgan Stanley. The upcoming financial results indicating significant losses, coupled with a high short interest, suggest a negative short-term impact.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100