Rivian Stock Fell 14% In August and Is Facing Resistance But Is It A Buy Or A Sell?

Rivian Automotive (RIVN) shares have plummeted 40% in 2024 .

The EV startup is looking to challenge Tesla (TSLA), Ford ( F ), General Motors ( GM ) and other autos.

On Aug. 6 , Rivian reported a worse-than-expected loss in the second quarter while revenue came in higher than analyst projections.

Rivian ended Q2 with $7.867 billion in cash, cash equivalents and short-term investments.

Rivian unveiled the R2 — its smaller, cheaper, next-generation vehicle and platform — on March 7 .

Morgan Stanley's high-profile autos analyst said Rivian is "uniquely positioned within autos (other than Tesla ) on scaling a fully integrated software stack critical to unlocking the AI opportunity" At a market value 1/60 that of Tesla , Rivian stock is about 80% below its IPO price.

Rivian sales are picking up and the company is targeting positive gross profit per vehicle by the fourth quarter . However, shares are down 40% in 2024 and facing resistance at key levels. For now, RIVN is not yet a buy. Please follow Kit Norton on X @KitNorton for more coverage..