Rivian Automotive (RIVN) stock surged 8.1% due to cost-cutting strategy and Volkswagen investment
From Nasdaq: 2024-07-15 02:15:00
Rivian Automotive (RIVN) shares surged 8.1% to $18.11, backed by high volume trading. The stock has gained 50.9% in the past four weeks. The company’s cost-cutting strategy and Volkswagen’s investment are driving growth. Rivian aims to reduce material costs by 20% and achieve positive cash flow.
Rivian is expected to report a quarterly loss of $1.18 per share with revenues of $996.51 million, down 11.1% from last year. Earnings estimate revisions suggest positive price appreciation. Keep an eye on RIVN as it aims to strengthen. Tesla (TSLA) in the same industry saw a 3% increase in stock price.
Tesla’s upcoming report estimates an EPS of $0.61, changed +0.8% over a month. The company’s year-over-year EPS change is -33%. Tesla holds a Zacks Rank #3. For investment recommendations, download Zacks’ 7 Best Stocks for the next 30 Days. Find more details on Rivian and Tesla in the full Zacks Stock Analysis Report.
Read more at Nasdaq: Rivian Automotive (RIVN) Surges 8.1%: Is This an Indication of Further Gains?