What's Going On With Rivian Automotive Stock?

Rivian Automotive, Inc. RIVN shares are moving Wednesday. The stock has lost nearly 8% over the last five days, and the company announced changes to product organization on Monday.

What To Know:

According to a report from Reuters, Rivian announced that CEO RJ Scaringe will oversee all product development effective immediately. Chief product development officer Nick Kalayjian will move to executive vice president before transitioning to an advisory role.

A Rivian spokesperson said, "It's a big year for product for Rivian, so RJ is doubling down on the introduction of our new technologies in 2024 and the design and development of R2. Nick will be advising through 2024."

Rivian announced the introduction of its leasing program for select R1T configurations in a post on X on Tuesday. The post stated, “Leasing is coming next week for available R1T configurations in select states. Get all the adventure of owning a Rivian with the flexibility of leasing,”

Rivian Automotive has grabbed the interest of short-sellers with just over 19% of available RIVN shares being sold short, according to data from Benzinga Pro.

According to Benzinga Pro, shares of RIVN are trading below the stock's 50-day moving average of $19.12 and nearing its 52-week low of $11.68.

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RIVN Price Action: According to Benzinga Pro, Rivian Automotive shares are up 0.6% at $15.82 at the time of publication.

Image: Courtesy of Rivian Automotive, Inc.