Is Rivian Automotive Stock a Buy?
Rivian Automotive's (NASDAQ: RIVN) stock tumbled 7% on Aug. 7 after it posted a mixed second-quarter report. The electric vehicle (EV) maker's revenue rose 3% year over year to $1.16 billion and exceeded analysts' expectations by $20 million.
But its net loss widened from $1.2 billion to $1.46 billion, or $1.46 per share, missing the consensus forecast by $0.21. It slightly narrowed its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss from $861 million to $860 million.Those headline numbers weren't impressive, but Rivian had already warned investors of a slowdown this year as it focused on upgrading its plants instead of ramping up its deliveries. Rivian's stock could remain in the penalty box for at least a few more quarters, but is it worth accumulating right now at an 80% discount to its IPO price?
Image source: Rivian.
Source Fool.com
