- Rivian has introduced a new software update for their EVs aiming to improve the range by 25%.
- The current market price of the Rivian Automotive Inc. share is $24.11 and the price has advanced by 3.70% in the last trading session.
Rivian Automotive Inc. is an American Company founded in the year 2009. The company makes electric vehicles and also works in automotive technology. Robert Scaringe, founder of the Rivian is an entrepreneur. The company has its headquarters in Irvine, California U.S. and it serves in North America. The company has generally two owners, Amazon with 18.1% shareholding, and Abdul Latif Jameel owner of 12.7% of the company.
The gross profit of the company has advanced by 208.00% resulting in $1.12B following a decline of 35.6% year-on-year for Q2 2023. The return on assets has also declined by -39.00% and the long-term debt for the company has advanced by 101.1%. The company has incurred net losses since its inception including net losses of $3,305M for the six months ended June 30, 2022. The company is also considered for seeking additional equity or debt financing.
RIVN stock is trading with an average volume of 50.35M following 938M shares floating in the market available for trading. The stock has a beta of 2.32 which makes it more volatile and this indicates that the stock moves than the market as a whole. The stock has a negative PE ratio of -3.76 and the ROE of the company is also negative valued at -44.69%.
Rivian Automotive Inc. Performance Analysis
The company has a depriving negative EBITA of -374% for the year 2022 following a negative income of -407%. The debt of the company has slightly advanced from $1.49B in the year 2021 to $1.61B in the year 2022 and has a negative free cash flow of -$6.42B.
RIVN Share Technical Analysis
a by writer11_gsm on TradingView.com
The price of the RIVN share is trading in an uptrend following a bullish market structure which broke above the last swing and is currently taking support at the same. The price can further continue to higher levels.
The 50-day and the 200-day Exponential Moving Average are trading in a death cross following the preceding trend but the price of the share has broken above both the EMA’s, this indicates the presence of bullish pressure in the stock.
The RSI for the RIVN share has been advancing from the lower levels after hitting the overbought zone which indicates bullishness in the momentum and the RSI has crossed above the 50-level which is a further confirmation of the strength of the trend.
Technical Overview of RIVN Stock
The technicals for the RIVN share are extremely bullish as the market is trading above the majority of the crucial EMA’s on the daily timeframe and the analysts are also bullish on the stock based upon the performance of the company.
Conclusion
The Rivian Automotive share is trading in an uptrend following a bullish market structure and the technical indicators like EMA and RSI are also acting bullish, the fundamentals of the share might look negative but as the company is new and has recently launched its product it might take some time in settling down.
Therefore, the price of the stock can advance to higher levels in the future if it sustains above the level of $19.50.
Technical Levels
- Support levels- $11.80 and $19.50
- Resistance levels- $ 28.00 and $35.00
Disclaimer
The information provided in this article, including the views. And opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.