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Sell-off Warning On These Stocks: Rivian, Fiverr and More

Last month, when Tesla (TSLA) reported weaker profits and hurt by price-cutting, it re-ignited the electric vehicle sell-off. This accelerated last week when both Rivian Automotive (RIVN) and Lucid Motors (LCID) cut their production forecast for 2024.

RIVN stock closed at around $10 last week, an all-time low, and at prices nowhere near its ~ $130 peak in Nov. 2021. Analysts rushed to downgrade the firm when following Rivian’s 25.6% drop. UBS wrote that the EV backdrop rapidly changed, causing the firm to reassess its view on demand. Rivian’s business strategy is in question. It is unlikely to increase production and achieve profitability and cash flow.

NIO Inc. (NIO) followed Rivian’s drop. Analysts at J.P. Morgan downgraded the firm on expectations of weaker demand among Chinese consumers. Analyst Nick Lai set a $5 price target, 40% below his previous price objective.

Investors should be wary that VinFast Auto (VFS) will achieve a 100,000 EV delivery target this year.

Fiverr (FVRR, which offers buyers and sellers a digital streamlined transactional platform, is a stock on a downtrend. The firm posted a modest non-GAAP profit of 56 cents a share on $91.5 million in revenue. However, revenue growth of 10.1% Y/Y is not enough.

Investors should avoid the aforementioned stocks at this time. The headwinds are too high to ignore.