Rivian Stock Drops, but the Electric Vehicle (EV) Maker Remains on Track to Achieve a Gross Profit in Q4

Shares of Rivian Automotive (NASDAQ: RIVN) fell 7% in Tuesday's after-hours trading, following the pure-play electric vehicle (EV) maker's release of its second-quarter 2024 report. There wasn't a clear Rivian-specific catalyst for the decline. The company's revenue and earnings exceeded the analyst consensus estimates, and it reaffirmed its annual production guidance and expectation that it will achieve a modest gross profit in the fourth quarter.The stock's drop likely stems from the market's recent volatility. Through Aug. 6, the S&P 500 index is down nearly 8% from its all-time closing high reached on July 16, and the tech-heavy Nasdaq Composite is 12% lower than its all-time closing peak clinched on July 10. This volatility has likely decreased investors' appetite for higher-risk stocks, such as Rivian, which is not profitable.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool