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

Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose after unveiling the R2 SUV and R3 crossover. The R2, starting at $45,000 with over 300 miles range, is set to compete with Tesla's Model Y, with deliveries beginning in the first half of 2026. Production will occur at Rivian's Illinois plant, saving over $2.25 billion. Analysts have a mixed outlook on RIVN, with an average 12-month price target of $17.38, suggesting potential upside. Shares are currently up 7.6% at $13.46.

Portfolio Pulse from Erica Kollmann

March 08, 2024 | 3:41 pm

Wedbush analyst Daniel Ives has reiterated an Outperform rating on Rivian Automotive (NASDAQ:RIVN) and maintained a $20 price target.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 3:19 pm

The February jobs report showed mixed signals, with a notable increase in nonfarm payrolls but a higher unemployment rate and lower-than-expected wage growth. This has led to increased expectations of Federal Reserve rate cuts, with the market pricing in four cuts by the end of the year. Following the report, stock futures rose slightly, and specific stocks reacted with varying degrees of gains and losses in early trading.

Portfolio Pulse from Piero Cingari

March 08, 2024 | 2:35 pm

Tesla and Rivian both held significant livestream events, with Tesla's Model 3 update drawing 2.4 million views on X, overshadowing Rivian's R2 SUV unveiling which attracted over 350,000 views across X and YouTube. Despite Tesla's larger social media following, Rivian's R2 generated more focused search interest according to Google Trends. Both companies are competing in similar price brackets with their electric vehicles, with Rivian's R2 and R3 targeting the same market as Tesla's Model Y and Model 3.

Portfolio Pulse from Anan Ashraf

March 08, 2024 | 10:24 am

Rivian Automotive Inc (RIVN) introduced its new R2 SUV and previewed the R3 crossover, expanding its EV lineup to compete more directly with Tesla Inc (TSLA). The R2 SUV, priced around $45,000, targets Tesla's Model Y market, while the upcoming R3 aims to offer an affordable option, potentially competing with Tesla's Model 3. Despite these developments, Rivian has yet to introduce a vehicle to compete with Tesla's unique Cybertruck. Tesla CEO Elon Musk has expressed skepticism about Rivian's future, despite acknowledging the potential in their product design.

Portfolio Pulse from Anan Ashraf

March 08, 2024 | 6:06 am

Rivian Automotive has announced halting the construction of its $5 billion Georgia plant to cut costs, opting to launch its new R2 SUV from its Illinois facility instead. This move is expected to save the company $2.25 billion, enabling an earlier launch of the R2 vehicle. Despite the halt, the Georgia plant remains crucial for future R2 and R3 CUV production. Rivian aims to start R2 production in the first half of 2026, with plans to increase the Normal factory's capacity to 215,000 units annually. The company reported a Q4 2023 revenue of $1.3 billion and a net loss of $1.52 billion but maintains sufficient liquidity to fund operations until R2 production begins.

Portfolio Pulse from Anan Ashraf

March 08, 2024 | 4:56 am

The European Central Bank (ECB) has decided to leave interest rates unchanged. NVIDIA's stock continues to rise after Mizuho increased its price target. Rivian has unveiled new models, potentially impacting its market position. Broadcom is set to report its earnings after the market closes. President Biden is scheduled to give the State of the Union address at 9:00 p.m. ET, which could influence market sentiment.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 8:42 pm

RBC Capital analyst Tom Narayan maintains a 'Sector Perform' rating on Rivian Automotive (RIVN) and keeps the price target at $15.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 7:50 pm

Rivian Automotive unveiled its R2 SUV, aiming to compete with Tesla's Model Y. The R2, starting at $45,000, offers over 300 miles of range and fast acceleration. Rivian also teased the R3 and R3X models, emphasizing their unique features and the company's expansion plans, including a rapidly growing charging network. Rivian's stock rose 8.88% following the announcement.

Portfolio Pulse from Chris Katje

March 07, 2024 | 7:13 pm

Rivian announced a delay in resuming construction at its Georgia facility to prioritize the capital-efficient launch of its R2 model in Normal, Illinois. The company also highlighted the DC fast charging capabilities of its R2 and R3 models, which can charge from 10% to 80% in less than 30 minutes. Both models are built on a new midsize vehicle platform.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 6:43 pm

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