Here's Why Rivian Shares Are Moving

Rivian Automotive Inc (NASDAQ:RIVN) shares are trading lower by 6.49% to $17.78 Thursday morning. The move lower could be in sympathy with peer electric vehicle startup Lucid Group Inc (NASDAQ:LCID) after the company reported worse-than-expected Q4 revenue. Lucid also issued 2023 production guidance of 10,000 to 14,000 vehicles.

So What's Going On With Lucid?

Lucid shares are trading lower Thursday after the company reported mixed fourth-quarter results and provided a weak reservation update. Multiple analysts are out with bearish coverage following the print.

Lucid reported fourth-quarter revenue of $257.71 million, which missed estimates of $302.61 million...Read More

According to data from Benzinga Pro, RIVN has a 52-week high of $66.15 and a 52-week low of $15.28.