Electric vehicle startup Rivian Automotive, Inc. (NASDAQ:RIVN) fell in premarket trading on Tuesday, as the stock pauses for a breather following a nine-session winning run.
Shares of the Normal, Illinois-based company have been advancing since June 27, thanks to multiple catalysts including the company’s North American Charging Standard partnership with Tesla, Inc. (NASDAQ:TSLA), better-than-expected second-quarter deliveries and optimism regarding uptake of its EVs.
The stock added about 90%, thanks to the recent run.
Following the positive tidings, analysts upgraded their view of the stock. The average analysts’ price target for the stock, based on data compiled by TipRanks, is $24, suggesting roughly a 6% downside from current levels.
The recent gains may have prompted traders to take profit especially ahead of some key market-moving Main Street events, including Wednesday’s consumer price inflation data.
The next major catalyst for the stock is the company’s earnings report due on Aug. 8, after the market close. Analysts, on average, expect the company to report a narrower loss of $1.41 per share compared to the year-ago loss of $1.62 per share. Revenue is expected to climb about 158% to $939.31 million.
In premarket trading, Rivian shares fell 1.41% to $25.15, according to data from Benzinga Pro.
See Also: Best Electric Vehicle Stocks
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