What's Going On With Rivian Automotive Stock Today?
Portfolio Pulse from Nabaparna Bhattacharya
Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading lower in the premarket session on Friday, having lost over 30% in the past year. Investors can gain exposure to RIVN through ALPS Clean Energy ETF (NYSE:ACES) and First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:QCLN). Rivian is expected to report Q1 financial results with losses of $(1.15) per share and revenue of $1.153 billion. The company's production facility adjustments aim to cut material expenses, impacting its yearly production capacity. Rivian targets 57,000 vehicle productions in 2024, focusing on cost efficiency and forecasting an adjusted EBITDA loss of $(2.7) billion.
April 12, 2024 | 11:36 am
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NEGATIVE IMPACT
ALPS Clean Energy ETF, which includes Rivian in its portfolio, may be indirectly affected by Rivian's current stock performance and future financial outlook.
Given that ACES includes Rivian in its portfolio, the ETF might experience indirect negative impacts due to Rivian's performance and financial outlook.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
First Trust NASDAQ Clean Edge Green Energy Index Fund, holding Rivian stock, could be impacted by Rivian's premarket performance and anticipated financial results.
As QCLN holds Rivian stock, the ETF's performance could be negatively influenced by Rivian's current and expected financial state.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Rivian's stock is trading lower premarket, with significant losses over the past year and expectations of a financial loss in Q1. The company is focusing on cost efficiency and production adjustments.
The premarket trading position and the past year's performance indicate a negative short-term impact. The expected Q1 losses and production adjustments further contribute to the bearish outlook.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100