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Home»Finance»Why Rivian Stock Is Getting Clobbered Today
Finance

Why Rivian Stock Is Getting Clobbered Today

March 15, 2024No Comments3 Mins Read
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Why Rivian Stock Is Getting Clobbered Today
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Shares of Rivian Automotive (NASDAQ: RIVN) had been buying and selling decrease on Thursday, a day after The Wall Avenue Journal reported that rival electrical car (EV) maker Fisker (NYSE: FSR) could also be getting ready to file for chapter.

As of two p.m. ET, shares of Rivian had been down about 8.3% from Wednesday’s closing worth.

A gray Rivian R2, a rugged midsize electric SUV, in a forest setting. A gray Rivian R2, a rugged midsize electric SUV, in a forest setting.

Rivian final week revealed its subsequent mannequin, the R2 midsize electrical SUV. Picture supply: Rivian Automotive

Key rival Fisker is in dire straits

The Journal reported on Wednesday afternoon that Fisker has “employed restructuring advisors to help with a potential chapter submitting,” information that despatched the struggling electrical car maker’s inventory down by over 45% in after-hours buying and selling.

It wasn’t precisely a shock, although. In a “preliminary” earnings launch on Feb. 29, Fisker had mentioned it possible does not have sufficient money to outlive the subsequent 12 months, that it’ll lay off 15% of its workforce, and that it hoped to get a lifeline from a significant world automaker.

Fisker had as soon as hoped to construct and promote over 40,000 of its Ocean electrical SUVs in 2023. However after a collection of early manufacturing snags — and after demand seemingly did not materialize — the corporate constructed simply 10,193 and managed to ship solely 4,929 of these to clients earlier than year-end. Now, it is brief on money, and — until that lifeline immediately materializes — possible headed for chapter.

What does that should do with Rivian? Rivian is a special firm in a really totally different scenario — however each Rivian and Fisker are members of a cohort of EV start-ups that went public earlier this decade, every with buyers hoping it might be the subsequent Tesla.

Many of the different EV start-ups from that period are down at this time as nicely.

Rivian is in higher form, however EV shares have a tendency to maneuver collectively

Rivian has its personal challenges, after all. However the firm delivered over 50,000 automobiles final 12 months, it had $10.4 billion in money and out there credit score strains as of the tip of 2023, it had over 68,000 preorders for its subsequent new mannequin a day after it was revealed, and — crucially — it was capable of elevate money twice final 12 months and ought to find a way to take action once more if the necessity arises.

However with Fisker seemingly on the breaking point, it is not likely stunning that Rivian inventory is taking a success at this time.

Must you make investments $1,000 in Rivian Automotive proper now?

Before you purchase inventory in Rivian Automotive, take into account this:

The Motley Idiot Inventory Advisor analyst group simply recognized what they imagine are the 10 finest shares for buyers to purchase now… and Rivian Automotive wasn’t one among them. The ten shares that made the reduce may produce monster returns within the coming years.

Inventory Advisor supplies buyers with an easy-to-follow blueprint for fulfillment, together with steerage on constructing a portfolio, common updates from analysts, and two new inventory picks every month. The Inventory Advisor service has greater than tripled the return of S&P 500 since 2002*.

See the ten shares

*Inventory Advisor returns as of March 11, 2024

John Rosevear has no place in any of the shares talked about. The Motley Idiot has positions in and recommends Tesla. The Motley Idiot has a disclosure coverage.

Why Rivian Inventory Is Getting Clobbered At present was initially revealed by The Motley Idiot

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