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- 1 Rivian (RIVN) stock price has shown a bearish market trend on its recent day of trading.
- 2 Since the last 1-week, RIVN stock has started showing a bearish market trend with an increased dominance.
Rivian Automotive (NASDAQ: RIVN) stock traveled in between the price range of $23.24 to $24.58 in its recent trading session on July 17, 2023, Monday. With quite good trading volume and bears dominance in the market, the stock price went down. However, the recent 1-month price analysis of RIVN stock has shown an over 55% price gain. This further noted a 26.93% rise in its year-to-date (YTD) price analysis.
RIVN Stock Price Analysis
On Monday’s trading session, RIVN stock opened at $24.01 while closed at $23.99 with a 3.34% price drop. This was due to the increased bears dominance in the trading session. The weekly price analysis further showed a 6% price drop which opposes its monthly and YTD price analysis, as per the data sourced from TradingView, a web-based social network for traders.
As the above price chart shows, even after the bearish market sentiments, RIVN stock price traded above its 200-day moving average. On the other hand, the RSI of this EV stock flipped downside, which is still near to its overbought zone. The pre-market price of RIVN stock is at $23.80, which further shows a downward trend. If bears continue their potential performance, then Rivian stock price may experience more price decline in its upcoming trading session.
The 1-year price target set by the analysts is showing at $24.20, which is up more than 0.88% from the recent closing of Rivian stock. The maximum estimate that analysts have set is at $40.00 while the minimum estimate is at $14.00. Although, in the past 3 months, analysts gave “buy” rating to Rivian Automotive Inc.
The Fundamentals of Rivian Automotive
Rivian Automotive Inc. (NASDAQ: RIVN), an American electric vehicle manufacturer and automotive tech-company, has a market cap of nearly $22.53 Billion. The company released its first quarter (Q1) 2023 report earlier in May 2023, which states its net income during the quarter to be negative $1.35 Billion.
Its earnings per share (EPS) in Q1 2023 are negative $1.25 whereas the estimation was negative $1.62, which accounts for a 22.92% surprise. The revenue for the same period amounts to $661.00 Million, despite the estimated figure of $664.40 Million. For the upcoming Q2 2023, the estimated EPS is negative $1.42, and its revenue is expected to reach $986.08 Million.
In 2022, the revenue of Rivian Automotive Inc. reached $1.66 Billion, most of which nearly $1.66 Billion came from its highest performing source at the moment, Electric Vehicles.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock 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.
