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) is heading into its Q3 earnings report with analysts expecting an EPS of negative $1.33 on revenues of $1.31 billion. Cantor Fitzgerald analyst Andres Sheppard upgraded the stock from Neutral to Overweight and announced a price target of $29. Rivian's stock performance is currently neutral, trading under the 200-day simple moving average (SMA). The stock has resistance above at $21 and at $21.48 and support below at $15.80 and at $11.68.

Portfolio Pulse from Melanie Schaffer

November 07, 2023 | 8:15 pm

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 2:11 pm

The S&P 500 and Nasdaq are set to break their 6-day rally as stock futures indicate a lower opening on Tuesday. The day is expected to be dominated by a series of Federal Reserve speeches. The SPDR S&P 500 ETF Trust (NYSE:SPY) slipped 0.36% to $434.10 and the Invesco QQQ ETF (NASDAQ:QQQ) fell 0.31% to $368.07 in premarket trading. Several companies including Alteryx, Inc. (NYSE:AYX), Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX), and Sanmina Corporation (NASDAQ:SANM) saw significant movement in premarket trading following their earnings reports.

Portfolio Pulse from Shanthi Rexaline

November 07, 2023 | 12:15 pm

Rivian Automotive Inc (NASDAQ:RIVN) is gradually reducing losses and moving towards profitability, despite Tesla CEO Elon Musk's warning of potential bankruptcy due to high spending. The company delivered 12,640 vehicles in Q2 2021, with a loss of $1.2 billion, marking a significant reduction in loss per vehicle. Rivian aims to achieve a positive gross profit by 2024, with increased production volume. The company has also outlined strategies to reduce costs, such as eliminating certain customization options.

Portfolio Pulse from Anan Ashraf

November 07, 2023 | 11:03 am

Rivian Automotive is set to announce its Q3 results, with analysts expecting a narrower loss of $1.32 per share and a revenue of $1.327 billion, marking a 140% YoY increase. The company's stock has declined by 46.3% over the past year, underperforming the KraneShares Electric Vehicles and Future Mobility Index ETF, which dropped by 20%. Investors will be keen to know whether industry-wide price cuts have impacted Rivian’s gross margins and updates on the company's second-gen EV line-up, R2.

Portfolio Pulse from Shanthi Rexaline

November 07, 2023 | 8:18 am

Rivian Automotive Inc (NASDAQ:RIVN) has launched a new product, a tailgate pad for the R1T electric truck, capable of transporting up to 4 bikes. The lightweight tailgate pads, priced at $200, are constructed from durable materials and come with a 2-year warranty. This new accessory allows truck owners to transport their bikes without the need for additional accessories.

Portfolio Pulse from Anan Ashraf

November 07, 2023 | 6:48 am

Earnings season is here and brings quarterly updates and financial reports from leading publicly traded companies, including those in the electric vehicle sector. This week features a trio of earnings reports from three leading electric vehicle companies: Fisker Inc (NYSE:FSR), Lucid Group Inc (NASDAQ:LCID), and Rivian Automotive Inc (NASDAQ:RIVN). The reports came after electric vehicle leader Tesla Inc (NASDAQ:TSLA) reported third-quarter revenue and earnings per share that both came in below Street consensus estimates.

Portfolio Pulse from Chris Katje

November 06, 2023 | 11:12 pm

Rivian Automotive Inc is set to report Q3 earnings with an expected negative EPS of $1.33 and revenue of $1.31 billion. The company's R2 model, set to be revealed in 2024, is a significant focus for future revenues. However, Rivian's recent fundraising and stock dilution, along with significant cash burn, have caused investor caution. Despite a 45% drop in stock price over the past year, analysts see a potential buy opportunity, with price targets ranging from $24 to $31. Rivian's partnership with Amazon for EDV deliveries in Germany is also seen as a positive.

Portfolio Pulse from Surbhi Jain

November 06, 2023 | 1:33 pm

Electric vehicle stocks advanced in the week ending Nov. 3, with key events including Tesla's potential unionization, Rivian hiring a Mercedes-Benz veteran, and Nikola's Q3 loss widening due to a battery fire recall. Fisker shares ended lower for the week due to weakness in the EV market and the departure of its CTO. Nio plans to cut 10% of jobs in November. The KraneShares Electric Vehicles and Future Mobility Index ETF fell 4.25% for the week.

Portfolio Pulse from Shanthi Rexaline

November 04, 2023 | 1:09 pm

Rivian (NASDAQ:RIVN) has hired former Mercedes-Benz executive Arnhelm Mittelbach as the first manager of its upcoming Georgia plant. The plant, set to commence construction next year, will produce Rivian’s next-gen R2 products, which will be priced more affordably than the current models. The first production phase of the new plant is expected to begin next year, with an estimated annual capacity of 200,000 once fully operational. Rivian plans to ramp up to a 400,000 annual EV capacity by the end of the decade.

Portfolio Pulse from Benzinga Neuro

November 03, 2023 | 2:30 am

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