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- 1 RIVN Stock rallied 52.68% in the last five daily trading sessions.
- 2 Rivian Automotive delivered a record number of EVs in Q2 2023.
Rivian Automotive Inc. surpassed expectations and delivered 12,640 EVs in Q2 2023, causing RIVN stock to rally 46.98% weekly. The electric vehicle manufacturer seems to be on track to produce 50k vehicles. They made 13,992 units in the second quarter of 2023.
Rivian Automotive Inc. (RIVN Stock) – Financial Analysis
Rivian made 9,395 vehicles in Q1 2023 and delivered 7,946. The company felt that it had a slow start and that retooling its Electric Delivery Van (EDV) assembly line could also slow the progress. In their Normal, Illinois facility, the company produced 13,992 EVs in Q2 2023, a 48% increase compared to the previous quarter.
The company is focused on selling its products to Amazon customers but is optimistic about selling its EDV to other customers. These upgrades caused the RIVN share price to rally by 40.03% in a month and 40.22% in three months. At the same time, Tesla Inc. (NASDAQ: TSLA) is trading at $282.48 with a slight gain of 0.95%.
At press time, RIVN stock is trading at $20.43 with a jump of 4.45%. Its previous close and open were at $19.56 and $20.70, respectively. The 52-week range is between $11.68 to $40.86, which means that the current price must double to surpass the high. The trailing twelve-month (ttm) earnings per share (EPS) comes to minus $7.08.
With a volume of 1188.64 million shares, the market cap is reported to be $19.191 billion. Analysts have predicted the price target to be $27.58 with a 37.3% upside and have estimated a 2.59 rating for a moderate buy.
The past earnings were reported on May 9, 2023, where the reported revenue was $661 million, and it failed to surpass the estimated $664.396 million by 0.51%. The difference came at a negative $3.396 million. As per March 2023 data, revenue jumped by 595.79% to $661.00 million.
The revenue (ttm) is $2.22 Billion, revenue per share is said to be $2.42, and the quarterly revenue growth year-over-year (YoY) saw a massive jump of 595.80%. Operating expenses dropped by 16.62% to $898.00 million, and operating margin fell by 301.71% (ttm).
The net income gained 15.32% to negative $1.35 billion, the net profit margin swelled by 87.83% to minus 204.08, the profit margin fell by 292.63%, gross profit (ttm) is reported to be negative $3.12 billion. Total cash in hand at the end of the most recent quarter (mrq) was $11.24 Billion, and the total debt in a similar time frame comes up to $3.25 billion.
Rivian Automotive Inc. (RIVN Stock) – Candle Exploration
Since March 2023, RIVN share price has been consolidating in a narrow range and recently experienced a significant breakout, taking the price close to a crucial resistance level. It could venture into the expected range if the price breaks the $21.44 mark. However, a strong momentum would be needed to enter the supply zone.
Steep descending EMA shows weakness, and the relative strength indicator (RSI) at 77.65 getting into the overbought range foreshadows a drop. If the indications are proper, the price should consolidate above the demand zone until the following earnings report.
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets and stocks comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
