Rivian (RIVN) Stock Price Moving Towards Golden Crossover

• RIVN Stock rallied 45.24% in a month and 101.79% in three months. 
• After the closing bell, Rivian Automotive Inc. will post Q2 earnings on August 8, 2023.  

Rivian Automotive Inc. (NASDAQ: RIVN) will report Q2 earnings on August 8, 2023. Since June 27, 2023, RIVN’s stock price jumped over 100%. On August 2, 2023, the stock price closed at $25.91, falling 5.09%. Nearly all U.S. stock traded lower as Fitch lowered the long-term credit rating for the United States. As Rivian heavily relies upon external funding for operations, this scenario significantly affects the EV makers’ finances. 

Rivian Automotive Inc. (RIVN) Stock: Financial Analysis

Larson Fianncial Group LLC raised its holdings in Rivian by 332.1% in Q1, 2023; they now own 8,650 shares worth $134,000. GPS Wealth Strategies Group LLC also raised its position with EV maker in Q4 after buying shares worth $25,000. Clearview Wealth Advisors LLC hiked stakes in the company by 254.3% in Q4 2023, they now own 1,449 shares worth $27,000. 

Many institutional investors and hedge funds altered their positions in Rivian Automotive Inc., indicating that the brand value is gaining traction. Additionally, these investors believe in the company’scompany’s future. 

NASDAQ: RIVN: Technical Analysis

At press time, RIVN stock is trading at $25.91 with a fall of 5.09%; previous close and open were at $27.30 and $26.42, respectively. The 52-week range is from $11.68 to $40.86, indicating a long way to beat the high. With an average volume of 85.34 Million shares, the market cap is $24.338 Billion. 

The trailing twelve-month (TTM) earnings per share (EPS) is negative $7.10, showcasing weakness. The analysis placed a 2.50 rating for moderate buy and estimated a price target at $27.39 with a 5.7% upside. 

Rivian reported Q1 earnings on May 9, 2023, where the reported revenue of $661 Million failed to beat the estimated $664.396 Million by 0.51%. Compared to the previous quarter, revenue jumped by 595.79%. At the same time, the reported earnings of minus $1.25 per share surpassed the estimated value of negative $1.622 by 22.92%. 

Compared to the previous quarter, EPS gained 12.59%. Despite a mixed report, Rivian (RIVN Stock) stock price surged by around 20%. The subsequent earnings will be released on August 8, 2023, where revenue should be about $1.009 Billion, while EPS is expected to be minus $1.428. 

Zacks’ Consensus estimated the loss per share to be about $1.41 while revenue shall be around $978.88 Million. However, the year-over-year (YoY) quarterly revenue growth is around 168.92%. In the last four quarters, RIVN beat the estimates nearly every time with an average surprise of 6.08%. 

Rivian Automotive Inc. (RIVN) Stock: Possible Golden Crossover

A golden crossover, ascending 50EMA crosses the descending 200EMA from below, deeming the stock bullish for a longer time frame. After forming a solid base in March 2023, a sharp move in late June created the possibility of a golden crossover. If the price breaches the expected range or jumps across the $32.22 point, it would make RIVN bullish for a significant time.  

It should be noted that the steep rise coincided with higher volumes, further intensifying the possibility. The stooping RSI of 61.17 hints at a drop but should not go below the crucial resistance at $21.44. If the earnings come out positive, the possibility for a golden crossover could be a reality, rejoicing investors.   

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