Why Rivian Stock Is Sliding Downhill Premarket Today
Portfolio Pulse from Shanthi Rexaline
Rivian Automotive, Inc. (NASDAQ:RIVN) shares dropped in premarket trading after reporting Q1 results with revenue of $1.204 billion, surpassing estimates but with a larger loss per share than expected. The company maintained its 2024 production guidance but reduced capital expenditure guidance by $550 million. Speculation about a potential Apple partnership and a significant free cash flow loss were also factors affecting the stock's performance. Future Fund Active ETF (NYSE:FFND), which holds Rivian shares, might also be impacted by Rivian's stock movement.
May 08, 2024 | 10:07 am
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NEGATIVE IMPACT
Future Fund Active ETF, holding 15,796 Rivian shares, may see an impact on its portfolio value due to Rivian's premarket stock performance.
FFND's exposure to Rivian, accounting for 1.43% of its portfolio, suggests a potential negative impact on the ETF's value following Rivian's stock decline.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 75
NEGATIVE IMPACT
Rivian reported higher than expected Q1 revenue but a larger loss per share, maintained 2024 production guidance, and reduced capex, affecting its premarket stock price negatively.
Rivian's stock price fell due to the larger than expected loss per share and significant free cash flow loss, despite beating revenue estimates and maintaining production guidance.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100