Rivian Stuck In Stagnant Trend With Selling Pressure Ahead Of Q1 Earnings
Portfolio Pulse from Surbhi Jain
Rivian Automotive Inc (NASDAQ:RIVN) is anticipated to report a Q1 EPS of -$1.17 and revenues of $1.163 billion. The stock has declined significantly over the past year and year-to-date. Rivian received an $827 million incentive package from the Illinois Department of Commerce Economic Opportunity for its Normal, Illinois plant expansion and job-training programs. Despite this, technical indicators suggest a bearish trend with a current analyst consensus rating of Buy and a price target of $18.60.
May 06, 2024 | 4:30 pm
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Rivian is expected to report a Q1 EPS of -$1.17 and $1.163 billion in revenue. The company received an $827 million incentive for expansion, yet technical indicators show a bearish trend. Analysts maintain a Buy rating with a $18.60 target.
The bearish technical indicators, despite the positive news of the incentive package, suggest a short-term negative impact on RIVN's stock price. The analyst consensus of a Buy rating and a higher price target indicates long-term optimism, but the immediate technical analysis and recent stock performance point towards potential short-term selling pressure.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100