Rivian (RIVN) (RIVN)
Shares of Rivian fell after the electric vehicle (EV) startup provided production guidance of 50,000 vehicles for 2023. This was significantly lower than the analyst expectations of 62,797 vehicles. The most recent quarter’s sales for Rivian came in at $663 million, which is lower than the $717.3 million that was anticipated.
Michael Shlisky, an analyst at DA Davidson, stated on Yahoo Finance Live shortly after the results were announced that “in general, most of these data look to be a touch weak.” The analyst Shlisky has assigned an Underperform rating to the company and set a price objective of $23.
Rivian also made the announcement on Tuesday that it will be recalling 12,716 vehicles due to an issue with the sensors. Rivian, much like other EV businesses that are attempting to build up their production, has encountered difficulty over the past year with their supply chain.
“The blockbusters are doing great, it’s just the volume of content is not quite back where it used to be [pre-pandemic],” analyst Alicia Reese of Wedbush Securities told Yahoo Finance Live on Tuesday.
Said Reese, who has an Underperform rating on the stock-
“In terms of the meme trade, that has just meant that AMC continues to trade higher than its peers on a valuation standpoint”
A court has scheduled an injunction hearing for April 27th, which sent AMC share prices soaring on Monday. This development raises the possibility that the company’s efforts to convert preferred ‘APE’ (APE) units into normal shares could be slowed down.
APE units, which on Tuesday had a closing price of $2.07, were first distributed to AMC stockholders as a form of dividend in the previous year. Accessing public funding has also been accomplished using this method for the company. As a result of the rally in meme stocks and other speculative assets in January, the value of AMC shares has increased by 75% so far this year.
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Novavax (NVAX) (NVAX)
Shares of Novavax fell by 25% after the vaccine manufacturer issued a statement expressing “serious concern” about the company’s capacity to continue operating through the following year. The biotech company noted “substantial uncertainty” over its revenue projections for the year 2023.
The stock of Novavax was subjected to intense amounts of selling pressure in the previous year, resulting in a loss of 93% of its value. This was due to the fact that the firm was experiencing manufacturing challenges, which delayed its debut into the market for COVID-19 vaccines.
The biotechnology company made its most recent quarterly data public on Tuesday, which is when the announcement close took place. The company’s most recent quarterly sales amounted to $357 million, resulting in an adjusted loss of $2.28 per share. The top and bottom lines of the report did not meet the expectations of the analysts.
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