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's shares fell nearly 23% after the company announced a debt offering. Future Fund Managing Partner Gary Black believes the selloff is overdone and that the conversion of debt into equity may not dilute equity capital significantly. Despite concerns raised by others, Black notes that Rivian's Q3 preliminary revenue estimate and cash guidance are in line with or above expectations.

Portfolio Pulse from Shanthi Rexaline

October 06, 2023 | 5:09 am

US stocks experienced a slight downturn with the Dow Jones falling around 10 points. Coca-Cola and PepsiCo stocks declined due to decreased shopping demand at Walmart, attributed to the rise of appetite-suppressing medications and the strength in Treasury yields. Levi Strauss's stock dipped following its Q3 earnings report showing a decrease in earnings and sales. Rivian Automotive plunged amidst its announcement of a green convertible senior notes offering. Tesla experienced a minor decline but remains a compelling investment due to upcoming catalysts.

Portfolio Pulse from Benzinga Neuro

October 06, 2023 | 2:17 am

Jim Cramer expressed concerns about Rivian Automotive Inc (NASDAQ:RIVN) after the EV company announced a new $1.5 billion offering. Rivian intends to offer $1.5 billion of green convertible senior notes to institutional buyers. Cramer compared the company to Tesla Inc (NASDAQ:TSLA) but retracted his comments, stating that no one's the next Elon Musk. Rivian shares were down more than 22% at the last check and are now on the verge of turning negative for the year.

Portfolio Pulse from Adam Eckert

October 05, 2023 | 9:49 pm

Electric vehicle (EV) manufacturers are spending heavily to compete in the booming EV market. Chinese EV maker NIO Inc (NYSE:NIO) reportedly lost about $35,000 per car last quarter, selling about 8,000 cars each month. The company is investing in differentiating features like augmented reality glasses and a high-end smartphone that communicates with its vehicles. US-based Rivian Automotive Inc (NASDAQ:RIVN), backed by Amazon.com, Inc. (NASDAQ:AMZN), is also focusing on demand, maintaining its pricing structure despite a pricing war among other EV makers. Rivian lost $32,594 per vehicle in Q2, but this figure is improving.

Portfolio Pulse from Adam Eckert

October 05, 2023 | 6:35 pm

U.S. stocks traded slightly lower with the Dow Jones index falling around 40 points. ConAgra Brands Inc (CAG) reported better-than-expected earnings for its first quarter. Orchard Therapeutics (ORTX) shares shot up 98% after agreeing to be acquired by Japan's Kyowa Kirin. Lamb Weston Holdings (LW) and SP Plus Corporation (SP) also saw significant increases in share prices. Cambium Networks Corporation (CMBM), Rivian Automotive (RIVN), and MaxCyte (MXCT) shares dropped significantly due to disappointing financial results and outlooks.

Portfolio Pulse from Lisa Levin

October 05, 2023 | 6:31 pm

The article reports on the unusual options activity in the Consumer Discretionary sector. It mentions 10 US-listed companies: Tesla (TSLA), General Motors (GM), Rivian (RIVN), Lucid Group (LCID), Carvana (CVNA), Overstock.com (OSTK), Ford (F), Airbnb (ABNB), Caesars Entertainment (CZR), and DoorDash (DASH). The article provides details on the type of options (put/call), sentiment (bearish/bullish), expiration date, strike price, total trade price, open interest, and volume for each company.

Portfolio Pulse from Benzinga Insights

October 05, 2023 | 5:35 pm

During Thursday's intraday session, several consumer discretionary stocks experienced significant movement. Visionary Education Tech (VEDU), EZGO Technologies (EZGO), Sacks Parente Golf (SPGC), Studio City Intl Hldgs (MSC), PARTS iD (ID), and FAT Brands (FATBB) saw their stocks rise, while Inspirato (ISPO), Rivian Automotive (RIVN), Kaixin Auto Hldgs (KXIN), MGO Global (MGOL), Ambow Education Holding (AMBO), and Alliance Entertainment (AENT) experienced a decrease in their stock prices.

Portfolio Pulse from Benzinga Insights

October 05, 2023 | 5:31 pm

Several stocks experienced significant movement in Thursday's mid-day session. Orchard Therapeutics plc (ORTX) shares climbed 97.7% after agreeing to be acquired by Japan's Kyowa Kirin. SP Plus Corporation (SP) shares gained 47.5% after Metropolis Technologies announced it will acquire the company. Accolade Inc (ACCD) shares fell 9.9% after the company reported second-quarter results. Grupo Aeroportuario del Centro Norte (OMAB) shares dipped 39.6%.

Portfolio Pulse from Lisa Levin

October 05, 2023 | 5:23 pm

US stocks traded lower with the Dow Jones index falling over 100 points. Constellation Brands Inc (STZ) reported better-than-expected Q2 earnings and raised its FY24 EPS outlook. Orchard Therapeutics (ORTX) shares rose after agreeing to be acquired by Kyowa Kirin. Lamb Weston Holdings (LW) and SP Plus Corporation (SP) shares also rose after positive financial results and acquisition news respectively. Cambium Networks Corporation (CMBM), Rivian Automotive (RIVN), and MaxCyte (MXCT) shares fell due to disappointing financial forecasts.

Portfolio Pulse from Lisa Levin

October 05, 2023 | 4:10 pm

Nikola Corporation's shares are trading lower, with a decrease of over 18% in the last five days. This comes despite the recent launch of its hydrogen fuel cell electric vehicle. Meanwhile, Tesla and Rivian reported their Q3 vehicle production figures, with Tesla's production down from Q2 and Rivian's in line with expectations. 20.35% of available NKLA shares are being sold short.

Portfolio Pulse from Erica Kollmann

October 05, 2023 | 3:21 pm

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