What's Going On With Rivian Stock?
Portfolio Pulse from Henry Khederian
Rivian Automotive Inc (NASDAQ:RIVN) shares dropped 1.5% to $8.50 amid a broader EV sector downturn, influenced by Tesla's price cuts in the US, Germany, and China. Rivian's recent workforce reduction by 1%, following a previous cut, targets support and back-office staff. The EV sector's decline is also attributed to Tesla laying off about 10% of its workforce. Wall Street analysts rate Rivian as Neutral, with a significant price fall expected by some. Rivian's stock has fallen 47.63% in the past three months, despite a 98.34% revenue increase over the past year.
April 22, 2024 | 3:33 pm
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NEGATIVE IMPACT
Rivian's stock fell 1.5% to $8.50, influenced by Tesla's price cuts and its own workforce reduction. Analysts hold a Neutral view, with a significant price drop expected by some.
Rivian's stock price is directly impacted by the broader EV sector's performance, particularly Tesla's price cuts, and its own recent workforce reduction. The negative outlook from analysts, especially the bearish view from UBS expecting a significant fall, further pressures the stock. Despite revenue growth, the stock's recent performance and sector challenges contribute to a negative short-term outlook.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100