The firm showed revenues of $364 million, beating estimates by $26.02 million, with earnings per share (EPS) of -$1.89, missing estimates by $0.13. After the earnings, RIVN shares surged as much as 7% on the day before, ultimately closing the session up 4%. Meanwhile, Deutsche Bank analyst Emmanuel Rosner joined CNBC’s Squawk on the Street on August 12 to discuss why he is optimistic about the stock and why he sees the firm as a significant player in the electric vehicle (EV) market. He also added:
RIVN chart and analysis
The long-term trend is still neutral, but the short-term trend is positive, so the stock is getting more attention and possibly love from investors. In the last month, RIVN has been trading in the $30.86 to $40.56 range, and is currently, near the high of this range. Meanwhile, technical analysis shows a support zone from $36.56 to $36.83, while the resistance zone is between $38.91 and $38.96. TipRanks analysts gave a ‘moderate buy’ rating consensus to Rivian, seeing the average price in the next 12 months reaching $49.50, 27.25% higher than the current trading price of $38.90.
More benefits to come
A further boon for the stock could be the $430 billion Inflation Reduction Act passed by Congress on August 12, which includes new rules governing the EV industry. Among other benefits, the Act should offer $7,500 EV tax credits, incentivizing the design and production of EVs and EV batteries in the US. Further, the news of the Act boosted shares of Tesla (NASDAQ: TSLA) and Lucid (NASDAQ: LCID) as investors expect US EV producers to reap the most benefits. With odds now firmly stacked in favor of US EV producers, Rivian is in a position to benefit if it continues to perform and deliver its products on time. Buy stocks now with Interactive Brokers – the most advanced investment platform Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
