What's Going On With Rivian Stock Today?
Portfolio Pulse from Adam Eckert
Rivian Automotive Inc (NASDAQ:RIVN) shares fell after reporting Q1 financial results, with revenue beating estimates at $1.204 billion but earnings missing with a loss of $1.48 per share. The company produced 13,980 vehicles, delivered 13,588, and reaffirmed its 2024 production guidance of 57,000 vehicles. Rivian ended the quarter with $7.858 billion in cash and is focused on reaching profitability and managing expenses. Analysts from Mizuho and Needham provided mixed ratings and adjusted price targets.
May 08, 2024 | 1:26 pm
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Rivian's Q1 financial results showed higher revenue but a larger loss per share than expected, leading to a 5.85% drop in stock price. The company remains focused on production and profitability goals.
The negative reaction in Rivian's stock price is directly tied to the mixed financial results, with the revenue beat overshadowed by the larger-than-expected loss per share. The reaffirmation of production guidance and focus on profitability are positive, but the immediate market reaction reflects concerns over the earnings miss and ongoing expenses.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100