Rivian Automotive Inc (NASDAQ: RIVN) is down another 10% on Friday after a UBS analyst double downgraded the EV maker to “sell”.Rivian stock could tank another 20%Copy link to sectionJoseph Spak trimmed his price objective on the electric vehicles company as well from $24 to $8.0 which suggests another 20% downside from here. His super bearish call arrives only days after $RIVN came in well short of analysts’ forecast for full-year production.A rapidly changing EV backdrop causes us to reassess our demand v ...

Rivian (NASDAQ:RIVN) stock is sliding lower on Friday after UBS analysts hit the electric vehicle (EV) company’s shares with a double downgrade this morning.UBS analyst Joseph Spak dropped shares of RIVN stock from a “buy” rating to a “sell” rating. That’s below the analysts’ consensus rating of hold for RIVN shares based on 23 opinions.With that downgrade comes a decreased price target. This saw the analyst cut the firm’s price prediction from $24 per share to just $8 per share. That’s a potential 30.1% dr ...

The second half of 2023 and 2024 so far have proven difficult for the electric vehicle (EV) industry. Competition has been steadily rising while demand has been dropping so much that most companies in the sector have been equally and severely hit on the business side as well as in the stock market.The dire state of the industry is perhaps best exemplified by the fact that even Elon Musk’s Tesla (NASDAQ: TSLA) managed to sell only a single car in South Korea throughout January.Even the unexpected February ra ...

Shares of Rivian Automotive (RIVN -25.60%) plummeted 25.6% on Thursday, following the electric vehicle (EV) maker's release on the prior afternoon of its fourth-quarter 2023 report. The stock's decline is largely attributable to management issuing 2024 production guidance that's only in line with the number of vehicles the company produced in 2023. Rivian cited "economic and geopolitical uncertainties and pressures, most notably the impact of historically high interest rates" for its cautious 2024 productio ...

Shares of Rivian Automotive (RIVN -25.96%) are down 25.7% as of 1:30 p.m. ET Thursday after the electric vehicle company announced mixed quarterly results, disappointing forward guidance, and a layoff of 10% of its workforce amid dwindling cash reserves.On Rivian's progress despite macro headwindsFor its fourth quarter of 2023, Rivian's revenue grew 167% year over year to $1.315 billion, translating to a non-GAAP (adjusted) net loss of $1.308 billion, or $1.36 per share. Analysts, on average, were modeling ...

Key PointsRivian outpaced consensus on the top line, but losses and guidance led to a stock implosion.The EV boom is over; now it's time for Rivian to prove it can make money. Analysts are trimming their targets; there is a risk that institutional selling will become a headwind for price action. 5 stocks we like better than Rivian AutomotiveRivian’s NASDAQ: RIVN Q4 release further proves that the EV market bubble has burst. Internal metrics and guidance suggest demand has peaked and current capacity is too ...

Rivian announced that it's cutting 10% of its salaried workforce as it contends with "economic and geopolitical pressures."  The electric automaker said that economic pressures, most notably the historically high interest rates, will result in flat vehicle output for the year. The company expects to produce the same number, about 57,000 vehicles, in 2024 as it did the year before, the company said Wednesday in a regulatory filing.    MARK ZUCKERBERG WEIGHS IN ON WHY TECH COMPANIES ARE LAYING OFF WORKERSRivi ...

Rivian (NASDAQ:RIVN) stock is sliding lower on Thursday after Morgan Stanley analysts issued a warning for investors in the electric vehicle (EV) company.Morgan Stanley analysts reiterated their “overweight” rating for RIVN stock today. For comparison, the analyst consensus rating for the company’s shares is a moderate buy based on 23 opinions.Unfortunately, that update comes with a warning traders will want to keep in mind. Here’s what Morgan Stanley said about RIVN in a note to clients obtained by CNBC:“W ...

About this content About William Farrington William kickstarted his career as a researcher and reporter for a global legal publication, covering everything from public law to M&A. Before moving to Proactive Investors, he worked as a reporter for a major fintech company with a focus on cryptocurrency and blockchain technology. Harking from Queensland, Australia, William obtained first-class honours in journalism and media from Birkbeck University before going on to complete an MA in creative and critical ...

Rivian (NASDAQ:RIVN) layoffs are coming to the electric vehicle (EV) company’s salaried staff as it looks to reduce jobs amid economic uncertainty.During Rivian’s earnings report for the fourth quarter of 2023, the company noted it will reduce its salaried staff by 10%. The company attributes this to “geopolitical uncertainties and pressures” with high interest rates being the main factor behind its decision.The Rivian layoffs also come after the company provided EV production targets for 2024. It’s expecti ...