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

10.07

Mkt cap

10B

Volume

78M

High

10.07

P/E Ratio

-1.80

52-wk high

24.61

Low

9.55

Div yield

N/A

52-wk low

8.26

Workers at Mercedes Benz Group AG's Alabama factory petitioned for a UAW union election, aiming to file with the NLRB. The UAW claims over 5,000 workers support joining, with a vote expected by early May. Mercedes denies violating Germany's global supply chain law. The UAW's efforts extend to other non-union automakers like Hyundai, Toyota, Tesla, and Rivian, with UAW President Shawn Fain seeking to expand union representation. President Biden supports UAW's efforts. Volkswagen workers in Tennessee also seek a UAW vote.

Portfolio Pulse from Shivani Kumaresan

April 05, 2024 | 4:39 pm

Rivian Automotive, Inc. (NASDAQ:RIVN) shares dropped 7% since Tuesday following its Q1 production and delivery report, producing 13,980 vehicles and delivering 13,588. Despite reaffirming its 57,000 vehicle production target for 2024, Morgan Stanley lowered its price target from $14 to $13. Rivian is expected to report a Q1 loss of $1.16 per share with $1.13 billion in revenue. The stock hit a 52-week low of $10.03, with 20.89% of shares sold short. Wall Street views Rivian as Neutral, with a significant expected decline.

Portfolio Pulse from Erica Kollmann

April 05, 2024 | 4:01 pm

Nikola Corp (NKLA) has seen a 14.46% YTD gain, outperforming other EV makers like Tesla, Rivian, and Lucid, despite facing challenges such as vehicle recalls and executive changes. The company's focus on hydrogen fuel cell electric trucks and the anticipated return of its BEVs contribute to its stock's positive trend. In contrast, Tesla, Rivian, and Lucid have experienced significant YTD losses, while traditional automakers like General Motors and Ford have seen their stock prices rise.

Portfolio Pulse from Anan Ashraf

April 05, 2024 | 11:23 am

Ross Gerber, a Tesla investor, praised Rivian for fulfilling his R1S order, sparking a debate among Tesla fans. Despite a recent spat with Elon Musk and criticism of Tesla's board and leadership, Gerber remains invested in both Tesla and Rivian, highlighting the competitive dynamics and personal preferences within the EV sector.

Portfolio Pulse from Shanthi Rexaline

April 05, 2024 | 9:31 am

Rivian shares are trading lower due to a general weakness in the electric vehicle (EV) sector, compounded by broader market declines stemming from uncertainty about interest rate cuts.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 7:59 pm

Morgan Stanley analyst Adam Jonas maintains an Overweight rating on Rivian Automotive (RIVN) but lowers the price target from $14 to $13.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 5:25 pm

Rivian Automotive, under CEO RJ Scaringe, announced the production of its 100,000th vehicle, a significant milestone. Despite increased vehicle deliveries in Q1 2024 compared to Q1 2023, Rivian continues to face losses with each vehicle produced. The company aims for a positive gross profit by Q4 2024 and introduced a second-generation EV, the R2 SUV, to compete with Tesla's Model Y. Rivian's stock has seen a decline of over 50% year-to-date.

Portfolio Pulse from Anan Ashraf

April 04, 2024 | 12:45 pm

Tesla Inc (NASDAQ:TSLA) has launched a 0% interest loan program in China to boost sales after experiencing a decline in market share and deliveries. Despite reducing prices, Tesla's strategy faced challenges due to competitors matching price cuts and a decrease in demand in Europe. Tesla's market share in China dropped from 10.5% to 6.7% in 2023. Rivian Automotive, Inc (NASDAQ:RIVN) reported delivering 13,588 EVs in Q1 and aims for 57,000 units in 2024. TSLA shares rose by 0.87% to $168.08.

Portfolio Pulse from Anusuya Lahiri

April 03, 2024 | 5:26 pm

Recent analysis of Rivian Automotive (RIVN) by 30 financial analysts shows a mix of bullish to bearish sentiments, with a notable shift towards more cautious ratings in the last 30 days. The average 12-month price target for RIVN has been adjusted to $17.07, down from $22.42, reflecting a 23.86% decrease. Analysts' actions range from maintaining current ratings to lowering price targets, indicating a reassessment of Rivian's market position amidst dynamic market conditions. Rivian's financial performance shows a significant revenue growth rate of 98.34% as of December 31, 2023, but challenges in net margin, ROE, and ROA compared to industry averages.

Portfolio Pulse from Benzinga Insights

April 03, 2024 | 2:00 pm

Truist Securities analyst Jordan Levy has maintained a Hold rating on Rivian Automotive (RIVN) and kept the price target at $11.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 1:41 pm

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