Is RIVN Stock Ready For $20?

Rivian Automotive is an electric vehicle manufacturer that was founded in 2009 and went public in 2021. Rivian has emerged as a promising and exciting contender in the world of electric vehicles. They have recently released their first-quarter earnings, giving investors great hope. They have reported a top-line revenue of $661 Million which was less than Q4. The company has reported an adjusted EPS loss of $1.25 which is less than the estimated amount of $1.56. Rivian has delivered approximately 7946 units in the first three months of 2023 and is on track to hit the 50000 production goal of 2023. The company has placed cost-cutting measures and its operating revenue fell to $898 Million from $1 Billion. Meanwhile, the gross margins of Rivian have improved a little bit but it is still costing Rivian twice what they are selling. The company may become profitable in the future.

Rivian has a market cap of $12.71 Billion with a negative EPS. Rivian stock price is currently down by more than 50% from its 52-week high. RIVN may observe a strong momentum in the future.

Will RIVN Price Hit A New High Soon?

Rivian stock price is currently observing a struggle between bulls and bears on the weekly technical chart. On the daily chart, it is observing a weak U-shaped recovery. Rivian stock price is currently trading near the value of $13.54 with a small gain in the intraday session. The upside momentum of RIVN can see a halt near the value of $15.Meanwhile, the support of asset prices can be seen near $12. RIVIAN is trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future which can push the asset price to a new low.

MACD of RIVN stock suggests a consolidated momentum in asset price. Bars and the signal line of asset price suggest a weak upside momentum in price.

Summary

Rivian has recently reported a narrower loss in the current quarter. RIVN stock is currently observing a weak upside trend and can see a new high soon.

Technical Levels

Major Support:$12

Major Resistance:$15

Disclaimer

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