Rivian Automotive (NASDAQ: RIVN) has received a Sector Perform rating and a $15 price target from RBC Capital analyst Tom Narayan on March 11, 2024.
This announcement follows the unveiling of three new vehicles by the company. Despite the exciting new developments, RBC Capital has decided to maintain their current rating and price target for Rivian.
This decision is based on RBC Capital’s assessment of Rivian’s performance in the market and their outlook for the company’s future.
Rivian Automotive (RIVN) Stock Sees Positive Momentum on March 11, 2024
On March 11, 2024, Rivian Automotive (RIVN) saw some positive momentum in its stock performance. RIVN is currently trading near the bottom of its 52-week range and below its 200-day simple moving average. However, on this particular day, the stock experienced a price increase of $0.28, representing a 2.19% rise since the market last closed.
RIVN opened at $12.87, which was $0.09 higher than its previous close. Despite trading near the bottom of its 52-week range, RIVN managed to see some upward movement in its stock price, which may have been driven by positive market sentiment or company-specific news.
Investors and analysts will likely be keeping a close eye on RIVN’s performance in the coming days to see if this positive momentum continues. Rivian has garnered a lot of attention and interest from investors as a potential disruptor in the electric vehicle market. However, like all stocks, RIVN is subject to market volatility and external factors that can influence its performance. Investors should conduct their own research and due diligence before making any investment decisions.
Rivian Automotive, Inc. (RIVN) Stock Performance Analysis: Revenue Growth vs Net Loss
On March 11, 2024, Rivian Automotive, Inc. (RIVN) stock showed mixed performances based on the latest financial data. According to CNN Money, the electric vehicle company reported total revenue of $4.43 billion for the past year, which represents a significant increase of 167.43% compared to the previous year. However, total revenue remained flat at $1.31 billion in the last quarter.
Despite the impressive revenue growth, Rivian also reported a net loss of $5.43 billion for the year and a net loss of $1.52 billion for the last quarter. While the net income increased by 19.55% year-over-year, it decreased by 11.27% quarter-over-quarter.
Earnings per share (EPS) for Rivian showed a similar trend, with a reported EPS of -$5.74 for the past year and -$1.58 for the last quarter. The EPS increased by 22.44% compared to the previous year but decreased by 9.99% from the last quarter.
Overall, the financial performance of Rivian Automotive, Inc. on March 11, 2024, reflected a mix of positive and negative indicators. Investors and analysts will likely closely monitor Rivian’s future financial results and market performance to assess the company’s long-term growth prospects in the competitive electric vehicle industry.
