ChargePoint Holdings (NYSE:CHPT) experienced a 9% rise in its stock price intra-day today, despite reporting a miss in its third-quarter earnings.
Rivian’s third-quarter revenue reached $110 million, which is a 12% decrease from the same period last year. A significant factor in their financial performance was a non-GAAP gross margin of negative 18%, largely due to a $42 million impact from an inventory impairment charge. Additionally, their earnings per share (EPS) of negative $0.43 were lower than the analyst estimate of negative $0.30 by $0.13.
Following these results, both B. Riley and Evercore ISI revised their estimates for the stock. B.Riley further downgraded the electric vehicle maker to a Neutral rating from Buy. Evercore ISI cut its price target on the company to $6.00 from $17.00 while reiterating its Outperform rating.