Rivian Automotive Inc RIVN shares are trading higher by 4.14% to $26.32 Monday afternoon. The stock is rising during Monday's session despite a lack of company-specific news.
Several EV stocks are trading higher after falling last week in sympathy with peer Tesla Inc TSLA after the company reported second-quarter earnings results.
What Happened With Tesla Earnings? Tesla's second-quarter revenue rose 47% YoY to $24.93 billion, surpassing the consensus estimate of $24.48 billion. Quarterly earnings stood at 91 cents per share, exceeding the expected 82 cents per share.
Operating margins for the second quarter were 9.6%, and gross margins were 18.2%, down from 25% YoY. The market closely monitored the margin results due to recent price cuts ... Read More
Why It Matters: Tesla is a major player and a trendsetter in the EV industry. Its financial performance and gross margins often serve as indicators for the overall health and direction of the electric vehicle market.
If Tesla's gross margins fall, it could raise concerns about the EV sector's profitability as a whole, negatively impacting investor sentiment towards EV-related stocks, including Rivian.
According to data from Benzinga Pro, RIVN has a 52-week high of $40.86 and a 52-week low of $11.68.
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