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Reading: Rivian (RIVN) stock rebounds after solid Q1 delivery results
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EV-a2z > News > Rivian (RIVN) stock rebounds after solid Q1 delivery results
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Rivian (RIVN) stock rebounds after solid Q1 delivery results

EV-a2zm
Last updated: 2023/04/02 at 3:41 PM
EV-a2zm Published March 30, 2023 2 Min Read
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South San Francisco, CA, USA - May 1, 2022 A new Rivian R1T truck is seen at a Rivian service center in South San Francisco, California. Rivian Automotive, Inc. is an electric vehicle automaker.
South San Francisco, CA, USA - May 1, 2022 A new Rivian R1T truck is seen at a Rivian service center in South San Francisco, California. Rivian Automotive, Inc. is an electric vehicle automaker.
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Electric vehicle startup Rivian Automotive finally broke some good news after suffering continuous negative momentum in 2022 and at the beginning of the new year. 

Contents
Rivian’s Q1 delivery results beat analysts’ forecastsRivian’s previous stock decline

RIVN stock increased approximately 10% at the conclusion of the trading day, Electrek reports. 

https://twitter.com/StckPro/status/1641164706923655169

Interestingly, the rebound in Rivian’s stocks came after its Q1 delivery results had been disclosed.

My Rivian R1S has arrived! 0-60 in 3 seconds. 7 passengers with tons of room and storage! Raises up 18 inches in offroad mode! pic.twitter.com/GUaXuhY4rj

— Leonard Knight (@leonardknight) March 23, 2023

Rivian’s Q1 delivery results beat analysts’ forecasts

Rivian had registered 8,145 vehicles in Q1 2023, per the latest data obtained by Cox Automotive from the state registrations.

The strong delivery result undoubtedly exceeded Wall Street’s forecast of 7,167, per Benzinga. 

The financial tech, media, and data firm also pointed out that data on the secondhand market revealed that fewer Rivian EVs were available for purchase compared to competitors like Ford and Lucid.

The unexpectedly high delivery results support Rivian’s lofty goal of producing 50,000 vehicles in 2023. Buy recommendations have been reiterated in the three most recent analyst reports from Morgan Stanley, Truist Financial, and Barclays, Investor Place reports. 

Morgan Stanley remains bullish on Rivian as investor negativity and frustration surround stock https://t.co/eztzMRfjJF pic.twitter.com/29aVXrngsy

— Trade the journey (@JourneyTrade) March 22, 2023

Rivian’s previous stock decline

Now, it appears that RIVN stock is ahead at the moment. Nonetheless, its entire ride has really been difficult.

RIVN Weekly. Same story, probably forced it, but then again it does look quite good. Fundamentally mispriced, plenty of runway, limited bankruptcy risk. Pure long duration play, a proper story stock. Seeing Rivian's on the road. Decent r/r on long side for a speculator pic.twitter.com/ASjdkKcEIN

— M-S (@SeniorSecured) March 29, 2023

See Also:

  • Rivian cuts 6% of its workforce for the second time in less than a year amid EV price war
  • Rivian rolls out 25,051 EVs in 2022
  • How EV-related stocks changed in January 2023
  • Rivian experienced a global supply-chain crisis, resulting in missed production
  • Tesla shorts made billions in profits as stocks fell by over 57%

RIVN has declined 17% from the year’s start. Moreover, the report shows that almost 73% of the shares fell below breakeven in the last 365 days.

For comparison, RIVN experienced a 72% decline in the prior year. 

The market leader, Tesla (NASDAQ: TSLA), apparently lost over 48% in the previous 12 months despite expected gains in 2023.

First white @Rivian R1S I’ve seen. I like it. #Temptation pic.twitter.com/b66wmheVL8

— Sergio Rodriguez (Blue Checkmark) (@LyftGyft) March 21, 2023

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TAGGED: Electric Vehicle, EV, Rivian, Share Price
EV-a2zm April 2, 2023 April 2, 2023
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