Stock Market Today, Oct. 30: Rivian Raises Full-Year Guidance on Q3 Revenue Beat
Rivian Automotive (NASDAQ:RIVN), an electric pickup truck, SUV, and commercial delivery van maker, closed at $12.16, up 6.20%. Investors were reacting to a revenue beat and a raised outlook, and they are watching the Q3 earnings call for margin and delivery follow-through.
Trading volume reached 58.8 million shares, coming in about 144% above its three-month average of 24.1 million shares. Rivian Automotive IPO’d in 2021 and has fallen 88% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) closed at 7,580, down 1.82%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) finished at 25,437, down 2.86%. Among automotive manufacturers, electric vehicles and related software/services peers, Lucid Group closed at $3.02, down 5.63%, and Ford Motor closed at $12.25, down 0.89%, as investors weighed EV demand and earnings updates.
What this means for investors
Rivian beat expectations on several metrics and raised full-year guidance after third-quarter revenue rose 38% to $2.16 billion. Analysts on average expected $1.99 billion.
Rivian also raised its financial guidance and vehicle delivery estimate for 2026 as it ramps up production of its new R2 SUV. Rivian expects the more moderately priced offering will lead to higher sales volumes. The R2 is already its best-selling EV, the company said.
After the report, Jefferies analyst Philippe Houchois upgraded Rivian to a buy rating. He kept his firm’s price target at $17 per share and believes accelerating production volume will help the stock reach it.
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