Rivian Automotive, Inc (NASDAQ: RIVN) was trading about 3% lower Wednesday as the company heads into its first-quarter earnings print after the market close.
Analysts expect the company to report EPS of negative $1.32 on revenues of $1.262 billion for the quarter ending Dec. 31.
Last week, Barclays analyst Dan Levy downgraded Rivian from Overweight to Equal-Weight and lowered a price target from $25 to $16. Read More Here…
When Rivian printed its third-quarter earnings report on Nov. 7, the stock was highly volatile the following day, gapping up about 8.5% before falling to close about 2.41% lower.
For that quarter, Rivian reported earnings per share of negative $1.19, beating a Street estimate of a loss of $1.32 per share. The company also posted a top-line beat, reporting revenues of $1.337 billion, compared to the $1.327-billion consensus estimate.
From a technical perspective, Rivian looks neutral heading into the event, forming an inverted hammer candlestick but rejecting the eight-day exponential moving average (EMA). Of course, holding a position in a stock over earnings can be akin to gambling, as stocks can rise following an earnings miss and fall after reporting a beat.
Read Next: Rivian CEO RJ Scaringe Zeroes In On $48K As ‘Sweet Spot’ For R2 Pricing
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