Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading lower Tuesday. The stock has been in a decline since reporting earnings in early August.
What To Know: On Aug. 8, Rivian posted second-quarter financial results. The company reported quarterly losses of $1.08 per share which beat the analyst consensus estimate of losses of $1.41, a 33.33% increase over losses of $1.62 per share from the same period last year. The company reported quarterly sales of $1.12 billion which beat the analyst consensus estimate of $978.88 million, a 207.69% increase over sales of $364.00 million the same period last year.
Rivian stock has trended lower by nearly 20% since reporting. During that time, several analysts have raised their price targets on Rivian, ranging from $15 and $44.
Recent price cuts in the EV industry, including Tesla’s Model, Ford’s F-150 Lightning pickup, and Lucid’s Air Pure sedan, have also put pressure on EV makers such as Rivian to follow suit.
Related Link: Peloton Q4 Preview: What Analyst Are Expecting With Stock 40% Lower Year-On-Year
RIVN Price Action: Shares of RIVN were down 5.05% at $20.11 at the time of publication, according to Benzinga Pro.
Image by Arek Socha from Pixabay
