What's Going On With Rivian (RIVN) Stock?
Portfolio Pulse from Henry Khederian
Rivian Automotive Inc (NASDAQ:RIVN) shares rose by 9.97% to $15.16 following the release of its second-quarter financial results. The company reported $1.16 billion in revenue, slightly above the consensus estimate of $1.13 billion, but posted a larger-than-expected loss per share of $1.46. Rivian produced 9,612 vehicles and delivered 13,790 in the quarter, and ended with $7.9 billion in cash and cash equivalents. Analysts revised their ratings post-earnings.
August 08, 2024 | 4:21 pm
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POSITIVE IMPACT
Rivian's stock surged nearly 10% after reporting Q2 results with revenue slightly above estimates but a larger-than-expected EPS loss. The company showed progress in production and deliveries, and ended the quarter with strong liquidity.
The positive revenue surprise and strong production and delivery numbers are likely driving the stock price up, despite the larger-than-expected EPS loss. The company's strong liquidity position also adds to investor confidence.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100