Rivian Automotive, Inc. shares fell sharply by 5.05% in intraday trading, reversing earlier premarket gains that had seen the stock rise over 4% following its second-quarter earnings report.
The electric vehicle maker reported results that beat Wall Street expectations, with revenue climbing 27.2% year-over-year to $1.66 billion, surpassing the consensus estimate of $1.51 billion. Adjusted loss per share was $0.46, narrower than the expected $0.63 loss. The company also raised its full-year delivery forecast to 65,000–70,000 vehicles and narrowed its adjusted loss guidance. Additionally, Rivian highlighted its new R2 SUV launch and a $250 million investment from Uber tied to autonomous driving ambitions.
Despite the broadly positive earnings report and a series of analyst target price increases from firms including Morgan Stanley, RBC, Wells Fargo, Deutsche Bank, and TD Cowen, the stock turned negative during the session. The reversal suggests profit-taking or broader market pressure outweighed the upbeat fundamentals, as the stock had already been trading lower in premarket action after its initial overnight spike.
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