RIVN Stock Constantly Declining; Despite EV Industry Booming

Rivian Automotive Inc (Nasdaq: RIVN) Stock lost 2.36% of its trading price on June 16. The stock opened trading at $15.30; after the lowest trading at $14.73, it hit a high of $16.09; it closed at $14.88 with the trading volume 92.23 Million.

Although on June 15, RIVN Stock added 3.39% to its trading prices, it opened trading at $14.48, lowering at $14.39 it hit a high of $15.58 and closed trading at $15.24 with an intraday volume of 33.098 Million.

In the past week, RIVN Stock jumped around 4.35%. Similarly, it gained 13.76% in a month, and its prices rose 12.64% quarterly. RIVN Stock lost 37.71% in half a year, 21.27% YTD, and 46.76% over the year.

Analysts suggest the stock is a good buy. It is claimed that the stock prices of the automotive industry will surge in the near furutre.

RIVN Stock is trading 56% below its yearly price target; the targeted price is $23.15. The 52-week trading range lies between $11..68- $40.86, with an overall market capitalization of $13.98 Billion.

Rivian Automotive Inc ( RIVN Stock) Earnings and Revenue

In Q1 2023, Rivian Automotive Inc reported -0.51% less revenue; the estimated figure for the quarter was $664.40 Million, but the reported revenue was $661.00 Million. Moreover, in the last two-quarters of 2022 company’s revenue fell over -2.61% and -8.42% simultaneously.

Earning Per Share reflects a positive growth of +22.92% in Q1 2023; moreover, Rivian Automotive Inc is constantly reporting positive EPS since the second quarter of 2022.

The revenue and profit conversion of Rivian is broadly divided as -199% Gross profit, -374% EBITDA, -414% EBIT and -407% Net income. The negative figures suggest the company faced severe losses in the last financial year, 2022.

Rivian Automotive Inc majorly manufactures electric vehicles and generates revenue by selling its products to customers in the United States. Rivian Automotive Inc has a lot of used electric cars, which it will be selling at lower prices to clear stock to start the new production.

According to Crunchbase, Rivian Automotive has raised $12 Billion in 12 funding rounds; in these rounds, more than 20 investors participated in financing the EV company.

Some of the principal financial backers of Rivian are Ford Motor, D1 Capital Partners, Fidelity Management and Research Company, Dragoneer Investment Group, T Rowe Price, Third Point Venture, Climate Pledge Fund, and Coatue.

Disclaimer

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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing