Rivian Automotive Inc (NASDAQ:RIVN) will be report second-quarter earnings on Tuesday after market hours.
Wall Street expects a negative $1.22 in earnings per share and $999.8 million in revenues.
Let's look at what the charts indicate for Rivian stock, which is down 43% over the past year and down 37% year-to-date.
Rivian Technical Signals
Rivian stock's technical indicators present a mixed outlook, showcasing both bullish and bearish signals.
Chart created using Benzinga Pro
The stock is currently trading at $14.72, which falls below both its 8-day and 20-day simple moving averages (SMA) of $15.76 and $16.51, respectively, indicating a bearish trend in the short term.
However, when looking at the longer-term moving averages, the picture shifts. The 50-day SMA is at $13.80, and the 200-day SMA is at $14.42, both of which are below the current stock price, signaling a bullish outlook.
Chart created using Benzinga Pro
Read Also: Rivian Stock Down 37% YTD: Can Q2 Results, Guidance, R2 Pre-Orders Kickstart Rally For EV Manufacturer?
Analysts See 20% Upside
The Moving Average Convergence Divergence (MACD) indicator is at 0.35, suggesting a bullish momentum, while the Relative Strength Index (RSI) at 44.04 is heading towards the oversold zone under 30, it could present a potential buying opportunity for investors.
Additionally, the Bollinger Bands (25) range from $13.95 to $18.37, placing the current price just below the lower band, which could be interpreted as a bullish signal, suggesting the stock is undervalued at its current level.
Overall, while there are signs of slight buying pressure, the trend remains moderately bearish, with a blend of both bullish and bearish indicators influencing Rivian's stock performance.
Rivian Ratings & Consensus Estimates: The consensus analyst rating on Rivian stock stands at a Buy currently with a price target of $19.58. The latest analyst ratings from Truist Securities, Cantor Fitzgerald, and Wells Fargo suggest a 19.94% upside for Rivian stock, with an average price target of $17.67.
RIVN Price Action: Rivian stock was trading at $14.77 at the time of publication.
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