Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading higher Friday after the company reported better-than-expected fourth-quarter financial results on Thursday after the market closed.

• Rivian Automotive stock is showing exceptional strength. Why is RIVN stock surging?

EPS And Revenue Results; Production And Deliveries

Rivian reported an adjusted loss of 54 cents, beating the consensus estimate of a 68 cent loss. In addition, it reported revenue of $1.28 billion, beating the consensus estimate of $1.27 billion.

Automotive revenue totaled $839 million, down 45% year-over-year from $1.520 billion, primarily driven by a $270 million decrease in regulatory credit sales, lower vehicle deliveries following the expiration of tax credits and a lower average sales price due to a higher mix of EDV deliveries.

Software and services revenue increased 109% year-over-year to $447 million from $214 million, driven by increased vehicle electrical architecture and software development services from the joint venture with Volkswagen Group, as well as higher sales of vehicle trade-ins and repair and maintenance services.

Rivian produced 10,974 vehicles at its manufacturing facility in Normal, Illinois, and delivered 9,745 vehicles during the fourth quarter.

Consensus Ratings And Analyst Action

Rivian carries a consensus Buy rating and an average price target of $16.57. Deutsche Bank analyst Edison Yu upgraded the stock from Hold to Buy and raised the price target from $16 to $23 following the earnings release.

Mixed Short-Term Outlook; Conflicting Momentum Signals

The stock is currently trading 10.6% above its 20-day simple moving average (SMA) but is 4% below its 50-day SMA, indicating a mixed short-term outlook. Over the past 12 months, shares have increased by 5.26%, and they are currently positioned closer to their 52-week highs than lows, suggesting a relatively strong performance.

The RSI is at 32.39, which is considered neutral territory, while MACD is above its signal line, indicating bullish momentum. The combination of neutral RSI and bullish MACD suggests mixed momentum for the stock.

• Key Resistance: $18.00
• Key Support: $13.50

Benzinga Edge Rankings

Below is the Benzinga Edge scorecard for Rivian Automotive, highlighting its strengths and weaknesses compared to the broader market:

• Momentum: 60.9 — Stock is showing moderate performance indicators.

The Verdict: Rivian’s Benzinga Edge signal reveals a moderate momentum score, indicating that while the stock is performing reasonably well, it may not be fully capitalizing on the bullish trends in the electric vehicle market. Investors should remain cautious and watch for any significant shifts in market sentiment or company performance.

Rivian Stock Soars Higher

RIVN Price Action: At the time of publication, Rivian shares are trading 26.64% higher at $17.74, according to data from Benzinga Pro.

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