2 EV Stocks Take a Dive After Earnings

Rivian Automotive stock is trading at record lows

Deputy Editor
Feb 22, 2024 at 1:29 PM
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Shares of electric vehicle (EV) firms Rivian Automotive Inc (NASDAQ:RIVN) and Lucid Group Inc (NASDAQ:LCID) are plummeting this afternoon, following quarterly results.

Rivian Automotive Stock Hits Record Low After Earnings

Rivian Automotive stock is down 25.2% at $11.52 at last glance, after the EV maker announced worse-than-expected fourth-quarter results. Also weighing on RIVN is news that the company laid off 10% of its workforce and word that it expects to see lower-than-expected car production going forward.

The equity earlier hit an all-time low of $11.06 and is pacing for its single worst percentage session going back more than two years. Year to date, the shares are more than 51% lower, and now sport a nearly 40% year-over-year deficit.

In response, no fewer than nine brokerages reduced their price targets on Rivian Automotive stock. What's more, J.P. Morgan Securities downgraded RIVN to "underweight" from "neutral," along with a price objective adjustment to $10 from $20.

Lucid Stock is Also Tumbling

Meanwhile, Lucid stock was last seen down 18% at $3.03. The shares earlier fell as low as $2.90, after the luxury EV maker missed fourth-quarter revenue estimates by a wide margin. Wall Street expected Lucid's revenue to come in at $180 million, but the firm only managed to gain $157 million during the quarter.

Analysts are chiming in on LCID as well, though with less enthusiasm. Specifically, Cantor Fitzgerald downgraded the stock to "underweight" from "neutral," while BofA Global Research adjusted its price objective down to $4.50 from $7.

Lucid stock is faring slightly better on the charts than Rivian Automotive stock. While LCID is swimming in penny stock territory, it's maintaining above its January record lows just below the $2.60 level. What's more, the equity is poised to close below its 40-day moving average after just reclaiming support from the trendline.

 

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