Benzinga - by Surbhi Jain, .
Investors in electric vehicle Rivian Automotive Inc (NASDAQ:RIVN) are closely observing a notable technical development that has emerged on the stock charts: the foreboding Death Cross.
This bearish signal, marked by the 50-day moving average (yellow line above) slipping below the 200-day moving average (blue line above), is signaling potential challenges for Rivian’s stock, adding a layer of uncertainty for shareholders in the growing EV company.
Rivian Stock Made A Death Cross
Tesla IncBYD Co LtdNIO Inc– ADRXPeng Inc – ADRLi Auto IncAlso Read: Tesla Vs. Rivian: Which EV Stock Offers More Upside?
Nonetheless, over the past two years, Rivian has sustained in the market and grown its revenue, at the same time managing to reduce its negative EPS every year. The appearance of the death cross, however, raises questions about the sustainability of what it has been able to achieve so far.
The Challenging EV Landscape
Consensus analyst ratings on Rivian stock stand a a Buy with a price target of $23.83. But recent ratings received in January have seen analysts reducing their price targets for Rivian stock.
What Lies Ahead
Read Next: Li Auto Leads NIO And XPeng In January 2024 EV Deliveries
Photo: Courtesy Rivian
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