• Rivian Automotive is on track to deliver 25,000 vehicles in 2022.
  • RIVN stock rallied 9.1% in Tuesday's premarket.
  • Tesla recently missed forecasts for Q3 deliveries.

Rivian Automotive (RIVN) has garnered a gain of 9.1% in Tuesday's premarket after the maker known for its lineup of EV trucks reiterated delivery figures that many observers thought it would miss. In Monday's post-market, Rivian announced that it expected to meet its goal of delivering 25,000 vehicles in 2022, a number that it has stuck to despite logistical glitches throughout the year. RIVN stock is now trading at $34.80, well above its May 11 low of $19.25, but shares remain down 

Rivian stock news

Rivian manufactured 7,363 vehicles in the quarter ending in September and delivered 6,584 units. This was a largescale improvement over the previous quarter's production of 4,401 units and deliveries of 4,467. This amounts to a quarter-to-quarter rise in production of 67% and a 47% increase in deliveries. The figures show that management's attempt at ramping up production at its Illinois factory seems to be working.

The RIVN delivery beat impressed the market as it came right on the heels of Tesla (TSLA) missing its much bigger delivery target by 14,000. Tesla delivered 343,830 vehicles in the third quarter, which was still up more than 42% YoY despite missing Wall Street forecasts.

Rivian has dealt with much higher costs for raw materials this year and has stated in the past that its operating loss would end the year much worse than expected. 

Truist Securities coming out with its Buy rating last week now looks wise. Despite its many failings this year, analysts said the upstart was positioning itself for long-term growth and slapped an optimistic $65 price target on the stock. At the time this meant more than 100% upside in the next 12 months. The consensus among analysts calls for revenue at the automaker to rise 238% in 2023 to $6.16 billion.

Rivian stock forecast

Despite steadily climbing since its all-time low in May, RIVN stock is down 69% year to date, not counting the premarket advance. At $34.80, Rivian is sitting right on top of the 9-day moving average. A close above it tells us that Rivian bulls want this rally to continue. There has been much talk of an October bear market rally over the past week, and it looks like this may be the case with Rivian. The September downturn was awfully pessimistic, and many traders have begun looking for entries. Just take a look at the normally bearish Michael Burry's tweet below:

 

Bulls will try to push RIVN stock to overtake the 21-day moving average as well this week. The longer time frame average is now at $35.50. From there the focus will be on the $40 price level. That level should be much harder to push past as it served as a double top that began in mid-August and finished in mid-September. Support registers in the area between $31 and $32.

RIVN stock price chart hints at potential bottom after positive Rivian delivery numbers

RIVN daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD falls below 1.0500 after US NFP data

EUR/USD falls below 1.0500 after US NFP data

EUR/USD dropped below 1.0450 but managed to stage a modest rebound. The US Dollar preserves its strength against its rivals and doesn't allow the pair to gain traction after the data from the US showed that Nonfarm Payrolls rose by 263,000 in November.

EUR/USD News

GBP/USD turns south on upbeat US jobs report, trades below 1.2200

GBP/USD turns south on upbeat US jobs report, trades below 1.2200

GBP/USD lost nearly 100 pips with the immediate reaction to the upbeat November jobs report from the US and broke below 1.2200. The US Dollar Index clings to strong daily gains above 105.00 after the data showed that Nonfarm Payrolls rose by 263,000.

GBPUSD News

Gold retreats below $1,790 as US yields surge on US NFP

Gold retreats below $1,790 as US yields surge on US NFP

Gold price turned south and dropped below $1,790 in the early American session. The benchmark 10-year US Treasury bond yield is up more than 2% on the day near 3.6% after the bigger-than-expected November job growth, weighing heavily on XAU/USD.

Gold News

FTX exchange collapse, loss of $3.1 billion could have been avoided on one condition

FTX exchange collapse, loss of $3.1 billion could have been avoided on one condition

FTX exchange, founded by Samuel Bankman-Fried (SBF), has consistently made headlines over the past month for its liquidity crisis and triggering a collapse in the crypto ecosystem.

Read more

AMC advances more than 3% in premarket day after being halted

AMC advances more than 3% in premarket day after being halted

AMC stock is up 3.4% in Friday's premarket just a day after authorities halted trading due to unusual volatility. Thursday saw options volume three times higher than the 20-day average.

Read more

Forex MAJORS

Cryptocurrencies

Signatures