3 EV Stocks Moving Sharply After Quarterly Updates

Rivian Automotive is soaring after raising its 2023 production guidance

Deputy Editor
Nov 8, 2023 at 9:11 AM
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Electric vehicle (EV) stocks are moving sharply this morning, after Rivian Automotive Inc (NASDAQ:RIVN) and Lucid Group Inc (NASDAQ:LCID) announced third-quarter results, and Fisker Inc (NYSE:FSR) delayed its report.

Rivian Automotive raised its production guidance for 2023 by 2,000 cars, and now expects to produce 54,000 EVs thanks to continued demand for its trucks and SUVs. RIVN is up over 6% in premarket trading, with further tailwinds stemming from better-than-expected losses and a revenue beat.

Still, no fewer than four brokerages reduced their price targets on Rivian Automotive stock. Mizuho lowered $2 to $30 -- a 72% premium to last night's close -- while Wells Fargo cut all the way down to $19.

Meanwhile, Lucid stock is down 6.3% before the opening bell, after the company's third-quarter revenue missed analysts' expectations. The EV concern also cut its production forecast to range from 8,000 to 8,500 vehicles this year, after previously expecting over 10,000. 

Analysts are chiming in on LCID as well. Specifically, BofA Global Research adjusted its price objective down to $7 from $8, while Needham issued a price-target cut to $5 from $9. 

Lastly, FSR is down about 5% ahead of the bell, after the company delayed its third-quarter report to before the open on Monday, Nov. 13. Fisker said the delay is due in part to the departure of its former chief accounting officer in late October, and the filling of the position just two days ago. 

 

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