Streetbeat News

RIVN

Rivian Automotive, Inc.

Industry

Auto - Manufacturers

Rivian Automotive, Inc. designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets. Rivian Automotive, Inc. was founded in 2009 and is based in San Jose, California.

Open

14.02

Mkt cap

15B

Volume

31M

High

14.41

P/E Ratio

-2.57

52-wk high

24.61

Low

13.75

Div yield

N/A

52-wk low

8.26

Rivian CEO RJ Scaringe attributes the slowdown in EV sales to a lack of choices under $50,000, as many automakers replicate Tesla's Model Y design. Rivian plans to introduce a cheaper R2 SUV to compete in this price range by 2026.

Portfolio Pulse from Anan Ashraf

July 23, 2024 | 12:39 pm

Rivian Automotive Inc (NASDAQ:RIVN) shares are trading higher by 2.75% to $17.21, driven by positive market sentiment due to expectations of a strong earnings season and potential Federal Reserve rate cuts. The political shift with President Biden stepping down and the rising odds of a Trump victory, known for his pro-business stance, also contribute to the optimism. Lower interest rates could benefit Rivian by reducing borrowing costs, enhancing its growth potential.

Portfolio Pulse from Henry Khederian

July 22, 2024 | 7:30 pm

Cantor Fitzgerald analyst Andres Sheppard has reiterated an Overweight rating on Rivian Automotive (NASDAQ:RIVN) and maintained a $19 price target.

Portfolio Pulse from Benzinga Newsdesk

July 22, 2024 | 6:04 pm

Tesla faces a sales slump in the U.S. with a nearly 10% drop in the first half of the year, while competitors like Toyota, Hyundai, Ford, and Rivian see significant growth in their EV sales.

Portfolio Pulse from Anan Ashraf

July 22, 2024 | 11:17 am

Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading slightly lower with the broader market, but the stock remains up by nearly 50% over the past month. Rivian has seen a 76.7% increase in vehicle registrations in California this year, while Tesla, Inc. (NASDAQ:TSLA) registrations have fallen 17%. Analysts have updated their ratings and price targets for Rivian, with most maintaining positive outlooks. The broader economic environment, including potential interest rate cuts, could be favorable for the EV sector.

Portfolio Pulse from Erica Kollmann

July 19, 2024 | 6:15 pm

Tesla Inc. (NASDAQ:TSLA) saw a 24% drop in car registrations in California in Q2, marking the third consecutive quarter of decline. Increased competition and high interest rates are driving consumers towards hybrid vehicles. CEO Elon Musk's controversial public persona is also affecting Tesla's brand. Competitors like Hyundai, Kia, BMW, Mercedes-Benz, Ford, and Rivian saw sales increases. Tesla's stock has lost over 14% in the last 12 months, but shares are trading slightly higher in premarket.

Portfolio Pulse from Shivani Kumaresan

July 19, 2024 | 12:36 pm

Ross Gerber, a prominent Tesla investor, praised Rivian's R1S SUV on social media, highlighting a 77% surge in sales in California. Despite Elon Musk's skepticism, Gerber remains optimistic about Rivian's future.

Portfolio Pulse from Benzinga Neuro

July 19, 2024 | 2:27 am

Wells Fargo analyst Colin Langan maintains an Equal-Weight rating on Rivian Automotive (NASDAQ:RIVN) and raises the price target from $10 to $18.

Portfolio Pulse from Benzinga Newsdesk

July 18, 2024 | 4:30 pm

Tesla's Cybertruck outsold Ford's F-150 Lightning and Rivian's R1T in May, despite its higher price. Tesla registered 3,907 Cybertrucks, compared to 2,353 F-150 Lightnings and 1,237 R1Ts. General Motors' electric trucks had significantly lower registrations. Tesla is ramping up production to meet high demand.

Portfolio Pulse from Anan Ashraf

July 18, 2024 | 1:15 pm

Cantor Fitzgerald analyst Andres Sheppard reiterates an Overweight rating on Rivian Automotive (NASDAQ:RIVN) and maintains a $19 price target.

Portfolio Pulse from Benzinga Newsdesk

July 17, 2024 | 3:43 pm

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