What's Going On With Rivian Automotive Stock?

Rivian Automotive, Inc. RIVN shares are down 7% since Tuesday when the EV-maker released its first-quarter production and delivery results. Here's a look at what's going on. 

What To Know:

Rivian produced 13,980 vehicles and delivered 13,588 vehicles during the period ending March 31.  The company reaffirmed its full year 2024 guidance for annual production of 57,000 total vehicles.

Morgan Stanley analyst Adam Jonas maintained an Overweight rating, but lowered his price target for the stock from $14 to $13 on Thursday. 

Rivian is set to announce its first-quarter financial results after the market close on May 7 and will host a conference call to discuss the results at 5:00 p.m. ET the same day. According to estimates from Benzinga Pro, the company is expected to report losses of $1.16 per share and quarterly revenue of $1.13 billion. 

According to data from Benzinga Pro, 20.89% of available shares are being sold short, and the stock hit a new 52-week intraday low of $10.03 Friday. 

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Is RIVN A Good Stock To Buy?

Wall Street analysts view Rivian Automotive on the whole as a Neutral, given the history of coverage over the past three months. Joseph Spak from UBS in Rivian Automotive is the most bearish, expecting a 66.67% fall in the stock in the coming year.

But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past 3 months, Rivian Automotive fell 46.85%, which indicates that opinion soured on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which rose 98.34% over the past year.

A complete overview of how Wall Street views individual stocks is available here, while real time updates on the latest analyst actions will be delivered via Benzinga PRO. Try it for free.

RIVN Price Action: According to Benzinga Pro, Rivian Automotive shares are down 0.25% at $10.11 at the time of publication Friday.

Image: Courtesy of Rivian Automotive, Inc.