Rivian's Stock Rises Following Lucid's Strong Earnings Report
Rivian Automotive Inc. (RIVN) shares are experiencing an upward trend in Monday's after-hours trading, potentially influenced by the positive performance of Lucid Group Inc. (LCID) after the latter's second-quarter earnings report.
Lucid's financial results surpassed analyst expectations, with revenue reaching $200.6 million and an adjusted loss of 29 cents per share. The company also produced and delivered over 2,000 vehicles during the quarter and reaffirmed its production target of approximately 9,000 vehicles for 2024.
Furthermore, Lucid secured a $1.5 billion investment from an affiliate of Saudi Arabia's Public Investment Fund, boosting its liquidity to $4.28 billion. These positive developments contributed to a surge in Lucid's stock price.
Rivian, a competitor of Lucid, is scheduled to release its second-quarter earnings report after the market closes on Tuesday. Analysts anticipate a loss of $1.21 per share and revenue of $1.32 billion.
Investors and analysts will be closely monitoring Rivian's vehicle production guidance and updates on its joint venture with Volkswagen. Recent analyst reports include a reiterated Overweight rating from Cantor Fitzgerald and a price target increase to $16 from Truist Securities.
As of Monday's after-hours trading, Rivian shares were up 2.19%, mirroring the positive sentiment surrounding Lucid's performance.