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Rivian Automotive Inc. (NASDAQ: RIVN) – Does It Provide Stability And Growth?

Rivian Automotive Inc. (NASDAQ:RIVN) shares, rose in value on Wednesday, 05/24/23, with the stock price up by 1.27% to the previous day’s close as strong demand from buyers drove the stock to $14.38.

Actively observing the price movement in the last trading, the stock closed the session at $14.20, falling within a range of $13.60 and $14.42. Referring to stock’s 52-week performance, its high was $40.86, and the low was $11.68. On the whole, RIVN has fluctuated by 19.83% over the past month.

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With the market capitalization of Rivian Automotive Inc. currently standing at about $13.58 billion, investors are eagerly awaiting this quarter’s results, scheduled for May 09, 2023. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$1.41, which is expected to increase to -$1.05 for fiscal year -$5.14 and then to about -$3.36 by fiscal year 2024. Data indicates that the EPS growth is expected to be 18.90% in 2024, while the next year’s EPS growth is forecast to be 34.60%.

Analysts have estimated the company’s revenue for the quarter at $945.67 million, with a low estimate of $804 million and a high estimate of $1.29 billion. According to the average forecast, sales growth in current quarter could jump up 159.80%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $4.05 billion, representing an increase of 144.30% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were 1 upward and no downward review(s) in last seven days. We see that RIVN’s technical picture suggests that short-term indicators denote the stock is a 50% Sell on average. However, medium term indicators have put the stock in the category of 50% Sell while long term indicators on average have been pointing out that it is a 100% Sell.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of RIVN currently trading nearly 8.12% and 6.29% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 58.93, while the 7-day volatility ratio is showing 6.06% which for the 30-day chart, stands at 5.82%. Furthermore, Rivian Automotive Inc. (RIVN)’s average true range (ATR) is 0.80. The company’s stock has been forecasted to trade at an average price of $23.95 over the course of the next 52 weeks, with a low of $11.00 and a high of $40.00. Based on these price targets, the low is 23.5% off current price, whereas the price has to move -178.16% to reach the yearly target high. Additionally, analysts’ median price of $25.00 is likely to be welcomed by investors because it represents a decrease of -73.85% from the current levels.

Data on historical trading for Rivian Automotive Inc. (NASDAQ:RIVN) indicates that the trading volumes over the past 10 days have averaged 20.54 million and over the past 3 months, they’ve averaged 29.10 million. According to company’s latest data on outstanding shares, there are 930.00 million shares outstanding.

Nearly 0.10% of Rivian Automotive Inc.’s shares belong to company insiders and institutional investors own 69.40% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 73.44 million shares as on Apr 27, 2023, resulting in a short ratio of 3.23. According to the data, the short interest in Rivian Automotive Inc. (RIVN) stood at 7.82% of shares outstanding as of Apr 27, 2023; the number of short shares registered in Mar 30, 2023 reached 69.04 million. The stock has fallen by -21.98% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the RIVN stock heading into the next quarter.

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