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- 1 Rivian has reported a narrower loss than expected in the first quarter giving hope to the investors.
- 2 RIVN is looking for a U-shaped recovery to a new high. It is up by 0.97% in the intraday session.
Rivian Automotive is an electric vehicle manufacturer that was founded in 2009 and went public in 2021. Rivian has emerged as a promising and exciting contender in the world of electric vehicles. They have recently released their first-quarter earnings, giving investors great hope. They have reported a top-line revenue of $661 Million which was less than Q4. The company has reported an adjusted EPS loss of $1.25 which is less than the estimated amount of $1.56. Rivian has delivered approximately 7946 units in the first three months of 2023 and is on track to hit the 50000 production goal of 2023. The company has placed cost-cutting measures and its operating revenue fell to $898 Million from $1 Billion. Meanwhile, the gross margins of Rivian have improved a little bit but it is still costing Rivian twice what they are selling. The company may become profitable in the future.
Rivian has a market cap of $12.71 Billion with a negative EPS. Rivian stock price is currently down by more than 50% from its 52-week high. RIVN may observe a strong momentum in the future.
Will RIVN Price Hit A New High Soon?
Rivian stock price is currently observing a struggle between bulls and bears on the weekly technical chart. On the daily chart, it is observing a weak U-shaped recovery. Rivian stock price is currently trading near the value of $13.54 with a small gain in the intraday session. The upside momentum of RIVN can see a halt near the value of $15.Meanwhile, the support of asset prices can be seen near $12. RIVIAN is trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future which can push the asset price to a new low.
MACD of RIVN stock suggests a consolidated momentum in asset price. Bars and the signal line of asset price suggest a weak upside momentum in price.
Summary
Rivian has recently reported a narrower loss in the current quarter. RIVN stock is currently observing a weak upside trend and can see a new high soon.
Technical Levels
Major Support:$12
Major Resistance:$15
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
