Posted 2/26/2024, 2:14:51 PM
Rivian Stock Plummets 38% on Lower 2024 Outlook But Bounces Back as Investor Defends Company and New Vehicle Launch Looms
- Rivian stock dropped 38% last week after delivering lower-than-expected 2024 guidance
- The stock fell to a record low and saw analyst downgrades and price target cuts
- The sell-off may have been overdone - Tesla investor Gary Black defended Rivian
- Rivian expected to be gross margin positive by Q4 and reduce cash burn by end of 2024
- Rivian bouncing back in premarket, set to launch new R2 EV on March 7 which could be a catalyst