From Nasdaq:

Rivian Automotive, Inc (NASDAQ: RIVN) will report its first-quarter earnings after the market close. Analysts expect a negative EPS of $1.32 on revenues of $1.262 billion. Last week, Barclays analyst Dan Levy downgraded Rivian from Overweight to Equal-Weight and lowered the price target from $25 to $16.

In the third quarter, Rivian reported a negative EPS of $1.19, beating the Street estimate. The stock looks neutral heading into the event, forming an inverted hammer candlestick but rejecting the eight-day exponential moving average. Rivian CEO RJ Scaringe aims to zero in on $48k as the ‘sweet spot’ for R2 pricing.

To play the possible upside in Rivian stock with diversification, traders and investors can consider taking a position in the Spear Alpha ETF (NASDAQ: SPRX). SPRX is an actively managed fund offering investors the opportunity to achieve more than passive tracking of the broader market. The ETF targets long-term capital growth and is up about 64% over the last twelve months and about 4.2% year-to-date.

Rivian stock has been trading mostly sideways since Jan. 17, making a series of higher lows on the daily chart. Analysts note that Rivian’s relative strength index (RSI) has been making a series of higher highs and higher lows, indicating positive momentum in the stock is increasing. The stock has resistance above at $15.80 and at $18.09 and support below at $13.81 and at $11.68.



Read more: Trading Strategies for Rivian Stock Before And After Q4 Earnings