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Real Matters (OTC:RLLMF) Stock, Option Chain

Real Matters Inc is a Canadian network management services provider for the mortgage lending and insurance industries. The company's platform combines proprietary technology and network management capabilities with tens of thousands of independent qualified field agents. Its operating segment includes U.S. Appraisal; U.S. Title, and Canada. The company generates maximum revenue from the U.S. Appraisal segment. Its U.S. Appraisal segment provides residential mortgage appraisals for purchase, refinance, and home equity transactions through its Solidifi brand.

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Real Matters Inc

Stifel analyst Selman Akyol upgraded DT Midstream, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DTM#NYSE">DTM</a>) to Buy from Hold and raised the <a target="_blank" href="https://www.benzinga.com/quote/DTM/analyst-ratings" rel="noreferrer noopener">price target to $106 from $89</a>.
The analyst sees the recent stock pullback as an attractive opportunity for investors. With its announced natural gas pipeline acquisition, DTM is positioning itself as a<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/g42078298/correction-dt-midstream-announces-1-2-billion-acquisition-of-strategic-midwest-ferc-regulated-natu" rel="noreferrer noopener"> leader in natural gas infrastructure</a>.
The acquisition will push DTM&#8217;s EBITDA beyond $1 billion and diversify its customer base, increasing the likelihood of an upgrade to investment grade by S&amp;P, adds the analyst.
The analyst assumes DTM will close the pipeline acquisition at the beginning of 2025, with the assets generating a 10.5x EBITDA multiple, or approximately $115 million.
As a result, Pipeline EBITDA will now account for about 66% of the analyst&#8217;s 2025 EBITDA estimate, up from the previous estimate of 62%.
While Akyol expects year-end 2025 leverage to increase to 3.7x from 3.4x, they view this as manageable given the highly contracted nature of the acquired assets.
Additionally, the analyst anticipates free cash flow after dividends to rise to approximately $240 million, up from $195 million.
Investors can gain exposure to DTM via&nbsp;Invesco S&amp;P Spin-Off ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSD#NYSE">CSD</a>) and&nbsp;Alerian Energy Infrastructure ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENFR#NYSE">ENFR</a>).
Price Action: DTM shares are up 3.31% at $98.53 at the last check Thursday.
Read Next:
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<li><a href="https://www.benzinga.com//node/42598931" target="_blank" rel="noreferrer noopener">Block Positioned For Margin Expansion And EPS Growth: Goldman Sachs Analyst</a></li>
</ul>

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ENFR

Stifel Sees Opportunity In DT Midstream Pullback: Upgrades Rating On Diversified Growth Potential

Move over, software darlings. The future of tech is being etched in silicon, and chipmakers like NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) are <a href="https://www.benzinga.com/topic/artificial-intelligence">writing the playbook</a>.
Howard Chan, founder and CEO of Kurv Investment Management, shared his exclusive insights with Benzinga, highlighting a sector where he said demand is outstripping supply: "We still favor the hardware or infrastructure side of the AI wave. Chipmakers and cloud computing service providers benefit from existing and future budgeted capital expenditure allocation."
<h1 class="wp-block-heading">Is The Nasdaq-100 Overheating?</h1>
Tech valuations have soared, leaving some investors wondering if growth can keep up. 
"Consensus EPS growth is 21% for Nasdaq-100, up from 15% this year. That might be a tall order, but, after all, they have delivered this for the past&#8230; 20 years,&#8221; Chan said.
Unlike other sectors buckling under high interest rates, tech titans boast robust balance sheets, giving them a cushion. Chan flags the second quarter as pivotal: "The base effect on EPS growth rates will be most obvious in Q2 when the rolling 12-month EPS might bottom."
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42561047/amazon-meta-alphabet-spotify-lead-jpmorgans-2025-tech-picks-for-ai-potential">Amazon, Meta, Alphabet, Spotify Lead JPMorgan&#8217;s 2025 Tech Picks For AI Potential</a>
<h1 class="wp-block-heading">NVDA, AVGO: The Tech Titans To Watch</h1>
Hardware companies such as Nvidia and Broadcom are uniquely positioned to lead the AI boom, according to Chan. "The demand for compute still outstrips the ability of makers to meet that demand. There's small sign of new entrants. However, it will take time for them to catch up."
For investors tracking the sustainability of these gains, Chan offers a roadmap: "For hardware [NVDA/AVGO]: demand from the likes of TSLA/GOOGL/AMZN/META/MSFT."
<h1 class="wp-block-heading">AI: Beyond Tech</h1>
AI's impact isn't confined to tech. Chan sees a ripple effect, particularly in biotech and construction. "Directly, productivity will rise in service industries, although this might take a while as people need to be trained on it." 
Indirectly, AI investments will cascade into non-tech sectors, like construction, as companies expand to meet rising demand, he said. 
As the AI revolution heats up, Nvidia and Broadcom stand as the architects of the next wave, bridging the gap between soaring demand and supply constraints. With EPS growth expectations riding high and demand signals flashing green, the road ahead for tech's chipmakers may be paved in silicon gold.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/24/12/42569479/openai-takes-a-page-from-googles-2007-playbook-by-turning-phones-into-an-ai-hotline-with-toll-free-number-1-800-chatgpt">OpenAI Takes A Page From Google&#8217;s 2007 Playbook, Turns Phones Into AI Hotlines With 1-800-CHATGPT</a></li>
</ul>
Photo: Shutterstock

Long Ideas

Exclusives

Tech

Interview

AVGO

NVDA

EXCLUSIVE: Nvidia, Broadcom Tipped To Dominate AI Compute Wave By Kurv CEO

Barclays analyst Jared Shaw maintains East West Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EWBC#NASDAQ">EWBC</a>) with a Overweight and raises the price target from $120 to $125.

EWBC

Barclays Maintains Overweight on East West Bancorp, Raises Price Target to $125

Despite a 9% price drop, optimism among XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) traders remains strong, with many holding their positions and <a href="https://www.benzinga.com/money/ripple-xrp-price-prediction">anticipating upward momentum</a>.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Price&nbsp;&nbsp;&nbsp;</td>
<td>Market Cap</td>
<td>24-Hour Trend</td>
<td>7-Day Trend</td>
</tr>
<tr>
<td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td>
<td>&nbsp;$2.26</td>
<td>$129.08 billion</td>
<td>-8.8%&nbsp;</td>
<td>-6.3%&nbsp;</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>&nbsp;$98,630.61</td>
<td>$1.95 trillion</td>
<td>-5.8%&nbsp;</td>
<td>-2.8%&nbsp;</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td>
<td>&nbsp;$3,474.60</td>
<td>$418.8 billion</td>
<td>-10.5%&nbsp;</td>
<td>-11.8%&nbsp;</td>
</tr>
</tbody>
</table>
</figure>
Trader Notes: Crypto trader Javon Marks <a href="https://x.com/JavonTM1/status/1869549362671677783">reflected</a> reflected on XRP's previous bull cycle, during which it achieved a 600x increase.
 He suggests XRP could repeat this performance, potentially climbing 6,800% to around $168 in the current cycle.
Many traders revealed their personal holdings:
<ul>
<li>Doctor Profit <a href="https://x.com/DrProfitCrypto/status/1869693291941511268">pointed</a> out that XRP was overbought on smaller timeframes, signaling an imminent correction. Since his short entry, XRP has dropped 17%, prompting him to secure profits on half his position while holding his long-term spot holdings.</li>
<li>CrediBULL Crypto took a long position after XRP reached an optimal trade entry zone on lower timeframes, <a href="https://x.com/CredibleCrypto/status/1869569451626229945">expressing</a> hope for a rebound.</li>
<li>Blockchainedbb <a href="https://x.com/blockchainedbb/status/1869757817340743867">exited</a> XRP after achieving a 300% gain from his entry price. He plans to re-enter at $1.5–$1.7, maintaining a final target of $7.</li>
</ul>
Statistics: Crypto analyst Ali Martinez <a href="https://x.com/ali_charts/status/1869773183836139733">reported</a> that whales purchased an additional 110 million XRP in the past 24 hours.
Community News: In a Dec. 19 <a href="https://www.youtube.com/watch?v=YFGGA1NZ5Sk">interview</a> with eToro, Ripple CEO Brad Garlinghouse discussed the company's use of stablecoins like USDC and Tether, highlighting that Ripple once minted 20% of all USDC.
Garlinghouse emphasized that stablecoin regulation could position Ripple's RLUSD stablecoin as a key driver for XRP's next rally.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/top-stories/24/12/42531943/xrp-price-soars-12-to-268-what-is-going-on">XRP Price Soars 12% To $2.68: What Is Going On With Ripple?</a></li>
</ul>
Image: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

$ETH

$XRP

XRP Price Down 9%% But Ripple CEO Brad Garlinghouse Eyes RLUSD To Fuel Future Rally

WIIM

OKLO

Oklo shares are trading higher after Wedbush initiated coverage on the stock with an Outperform rating on the stock and announced a $25 price target.

In the current market session, Merit Medical Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MMSI#NASDAQ">MMSI</a>) share price is at $97.14, after a 0.01% increase. Moreover, over the past month, the stock decreased by 7.52%, but in the past year, went up by 28.50%. Shareholders might be interested in knowing whether the stock is overvalued, even if the company is performing up to par in the current session. 

<img src="https://www.benzinga.com/files/images/story/2024/1734632112_0.png" alt="Past Year Chart" />

<h3>Comparing Merit Medical Systems P/E Against Its Peers</h3>
The P/E ratio is used by long-term shareholders to assess the company's market performance against aggregate market data, historical earnings, and the industry at large. A lower P/E could indicate that shareholders do not expect the stock to perform better in the future or it could mean that the company is undervalued. 
Compared to the aggregate P/E ratio of 44.09 in the Health Care Equipment &amp; Supplies industry, Merit Medical Systems Inc. has a higher P/E ratio of 47.38. Shareholders might be inclined to think that Merit Medical Systems Inc. might perform better than its industry group. It's also possible that the stock is overvalued. 

<img src="https://www.benzinga.com/files/images/story/2024/1734632112_1.png" alt="Guage" />

In conclusion, the price-to-earnings ratio is a useful metric for analyzing a company's market performance, but it has its limitations. While a lower P/E can indicate that a company is undervalued, it can also suggest that shareholders do not expect future growth. Additionally, the P/E ratio should not be used in isolation, as other factors such as industry trends and business cycles can also impact a company's stock price. Therefore, investors should use the P/E ratio in conjunction with other financial metrics and qualitative analysis to make informed investment decisions.

MMSI

Price Over Earnings Overview: Merit Medical Systems

Wordware, a full-stack operating system for <a href="https://www.benzinga.com/24/12/42310501/playstation-bosses-speaks-about-the-future-of-ai-in-gaming-why-human-creativity-will-always-be-essential-in-game-development">AI development</a>, has secured a $30 million seed round in just seven days. According to Forbes, the round was led by Spark Capital and included participation from Felicis, Y Combinator, Day One Ventures and renowned angel investors such as Paul Graham, Vlad Magdalin (Webflow), Mathilde Collin (Front) and Paul Daugherty (Accenture).&nbsp;
This milestone represents one of the largest seed rounds in <a href="https://www.benzinga.com/news/24/09/40673093/y-combinators-paul-graham-recalls-when-airbnb-ceo-brian-chesky-found-success-by-imitating-this-steve">Y Combinator</a>'s history and signals strong confidence in Wordware's mission to make AI development more accessible to businesses globally.&nbsp;
Don't Miss:
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<li>The global games market is projected to generate $272B by the end of the year —<a href="https://www.benzinga.com/money/gameflip"> for $0.55/share, this VC-backed startup with a 7M+ userbase gives investors easy access to this asset market.</a></li>
<li>Deloitte's fastest-growing software company partnered with Amazon, Walmart &amp; Target announces the deadline to invest this year is 12/20. – <a href="https://www.benzinga.com/money/mode-mobile-2">Last Chance to get 4,000 of its pre-IPO shares for just $0.26/share!</a></li>
</ul>
<h2 class="wp-block-heading">Empowering AI Innovation Through Natural Language</h2>
Wordware seeks to transform AI development by introducing plain English as the new programming language for building AI agents. This will allow better collaboration between domain experts and engineers, drastically reducing the time required to create AI solutions.
"Excel gave us power over numbers. Notion gave us power over information. Wordware gives us power over AI. We're creating the new standard for encoding human expertise into AI systems," Filip Kozera, cofounder and CEO of Wordware, told Forbes.
Wordware offers a unified development platform that allows businesses to build sophisticated AI workflows without extensive coding knowledge. Using this model, startups and established enterprises leverage Wordware to streamline operations and deploy AI-driven solutions.
See Also: It&#8217;s no wonder Jeff Bezos holds over $70 million in art — <a href="https://www.benzinga.com/money/masterworks">this alternative asset has outpaced the S&amp;P 500 since 1995, delivering an average annual return of 11.4%. Here&#8217;s how everyday investors are getting started.</a>
<h2 class="wp-block-heading">The Founders and Their Vision</h2>
Filip Kozera and Robert Chandler founded the company. The two met while studying deep learning at the University of Cambridge, according to Wordware's website. Their shared passion for artificial intelligence laid the foundation for their partnership. Before founding Wordware, Kozera launched a company focused on augmenting human memory while Chandler led machine learning operations for Five AI, a self-driving technology company later acquired by Bosch.
Their vision became clear as large language models (LLMs) like GPT-3 and GPT-4 began to showcase unprecedented reasoning capabilities. This inspired Kozera and Chandler to reimagine how AI solutions are built.
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing —<a href="https://www.benzinga.com/money/boxabl"> you can become an investor for $0.80 per share today.</a>
<h2 class="wp-block-heading">Rapid Growth and Record-Breaking Success</h2>
The company's journey through Y Combinator showcased the team's ingenuity and market potential. Even before Demo Day, the company had secured multiple term sheets, reflecting investor enthusiasm. By the time the seed round closed, Wordware had raised 15 times the average Y Combinator seed size, according to Forbes.
A highly successful Product Hunt launch fueled this rapid growth. Within weeks, Wordware's early AI application garnered 350,000 users and increased revenue 20-fold.
Nabeel Hyatt, General Partner at Spark Capital, praised the platform's ability to simplify AI development while supporting complex workflows. "Simple is hard to do right. And we were just so impressed by how the Wordware team made AI application development as simple to understand as a Notion document," he told Forbes.
Trending: Inspired by Uber and Airbnb &#8211; Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets &#8211; <a href="https://www.benzinga.com/money/mode-mobile-2">The deadline to invest and receive your shares this year is 12/20. Join 30,000+ shareholders and invest at $0.26/share today.</a>
<h2 class="wp-block-heading">Unlocking Workplace Potential</h2>
Wordware addresses <a href="https://www.benzinga.com/personal-finance/24/11/42250885/gen-zers-are-being-fired-just-months-after-getting-hired-employers-cite-lack-of-motivation-poor-communication-and-unprofessional-behavior">workplace inefficiencies</a> by empowering employees to automate mundane tasks and focus on creative and strategic thinking. According to PwC, a leading professional services network, 90% of workers are stuck in repetitive tasks, which Gallup says costs the global economy $8.9 trillion annually.
"Today's workplace isn't just inefficient – it's actively suppressing human potential," Kozera explains. By democratizing AI development, Kozera says that Wordware is unlocking a new workplace productivity and innovation era.
<h2 class="wp-block-heading">A Platform for the Future</h2>
With a record-breaking seed round secured, Wordware is poised to revolutionize how businesses and individuals build and deploy AI solutions. The platform's expansion in 2025 will allow more users to harness its capabilities, making AI tools as accessible as any modern software platform.
As AI continues to shape industries worldwide, Wordware sets a new standard, ensuring that <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42488785/mks-instruments-is-gaining-traction-in-advanced-technologies-analyst-says">advanced technology</a> remains within reach for innovators at every level.
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<li>If there was a new fund backed by Jeff Bezos offering a <a href="https://www.benzinga.com/money/arrived-private-credit-fund">7-9% target yield with monthly dividends would you invest in it</a>?</li>
<li>‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones.  <a href="https://www.benzinga.com/money/mode-mobile-2">The deadline to invest and receive your shares this year is 12/20. Join 30,000+ shareholders and invest at $0.26/share today.</a></li>
</ul>

Startups

Revolutionizing AI: First Full-Stack OS For Development Announces $30 Million Seed Backed By Top Investors

Trio Petroleum Corp. (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/TPET#AMEX">TPET</a>) stock is moving higher on Thursday after the company announced that it will acquire certain petroleum and natural gas <a href="https://www.benzinga.com//node/42577189">properties held</a> by Novacor Exploration Ltd.
The Details: Trio signed a non-binding letter of intent with Novacor under which the company would pay $1.4 million for 100% working interest in the assets, payable with $650,000 in cash and the remainder in shares of common stock of Trio.
The properties, located in Saskatchewan, Canada, currently feature seven producing wells. The assets produce 70 barrels per day of heavy crude oil from cash-flow-positive wells, with royalty obligations ranging from 13.5% to 15% and a 2% gross overriding royalty. 
Production could double with four re-entry wells and two reactivations, each costing $30,000 and expected to add 10 bpd. A reserve report prepared in August 2024 by Petrotech and Associates estimates 91.5 MBBL of total proved and probable oil reserves for the currently producing wells.
&#8220;We are excited to acquire an initial footprint in this very lucrative oil and gas area of Canada and home to some of the largest players in the industry such as Cenovus Energy, Canadian Natural Resources, Baytex Energy, Rife Resources and many others who have made Heavy Oil a staple of their operation, and where numerous opportunities to acquire additional highly economic fields exist,&#8221; stated Robin Ross, Trio&#8217;s CEO.
See Also: <a href="https://www.benzinga.com/24/12/42598636/gold-falls-sharply-lamb-weston-shares-plunge">Gold Falls Sharply, Lamb Weston Shares Plunge</a>
TPET Price Action: At the time of publication, Trio stock is trading 145% higher at $2.00, according to data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.
Image: Photo via Shutterstock

TPET

What's Going On With Trio Petroleum Stock Thursday?

D.A. Davidson &amp; Co. analyst Alexander Platt initiated coverage on IonQ, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IONQ#NYSE">IONQ</a>) with a Buy rating <a target="_blank" href="https://www.benzinga.com/quote/IONQ/analyst-ratings" rel="noreferrer noopener">and price target of $50</a>.
The analyst sees IonQ as a standout pure-play investment poised to benefit from the quantum computing sector&#8217;s rapid expansion, fueled by the limitations of classical computing in tackling complex problems.
IonQ&#8217;s core advantage lies in its trapped-ion qubit architecture, which delivers superior reliability, accuracy, and scalability compared to rival designs, adds the analyst.
Platt says that unlike IBM, Google, and others facing challenges with inconsistencies and short operational lifespans, IonQ leverages stable atomic properties for greater precision and extended performance times.
This approach reduces errors, enables more complex calculations, and simplifies system connectivity, allowing IonQ to tackle a wider array of problems effectively, writes the analyst.
The analyst says that Quantum Computing as a Service offers significant growth potential by providing access to quantum processing units without the need for upfront hardware investment.
IonQ&#8217;s Quantum Cloud platform and Hybrid Services allow enterprises to leverage quantum-enhanced solutions and integrate quantum and classical computing, adds the analyst.
Investors can gain exposure to the stock via Defiance Quantum ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QTUM#NASDAQ">QTUM</a>) and Spear Alpha ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPRX#NASDAQ">SPRX</a>).
Price Action: IONQ shares are down 0.67% at $37.25 at the last check Thursday.
Read Next:
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<li><a href="https://www.benzinga.com/general/market-summary/24/12/42569883/quantum-computing-rigetti-d-wave-skyrocket-up-to-300-in-5-sessions-after-google-unveils-willow-chip-but-analysts-urge-caution-not-every-tiktok-guitarist-is-the-next-taylor-swift" target="_blank" rel="noreferrer noopener">Quantum Computing, Rigetti, D-Wave Skyrocket Up To 300% In 5 Sessions After Google Unveils Willow Chip, But Analysts Urge Caution: &#8216;Not Every TikTok Guitarist Is The Next Taylor Swift&#8217;</a></li>
</ul>
Image: Courtesy of IonQ.

Mid Cap

Initiation

IONQ

QTUM

SPRX

IonQ Positioned To Dominate Quantum Computing Era: Analyst Highlights Unique Trapped-Ion Advantage

On Thursday, Vertex Pharmaceuticals Incorporated&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRTX#NASDAQ">VRTX</a>) announced results from its Phase 2 study of suzetrigine for painful lumbosacral radiculopathy (LSR), a disorder that causes pain in the lower back and hip&nbsp;that radiates down the back of the thigh into the leg.
The study met its primary endpoint with a statistically significant and clinically meaningful reduction in pain on the numeric<a target="_blank" href="https://www.benzinga.com/pressreleases/24/12/b42571378/vertex-announces-results-from-phase-2-study-of-suzetrigine-for-the-treatment-of-painful-lumbosacra" rel="noreferrer noopener"> pain rating scale (NPRS)</a>.
The suzetrigine arm showed a statistically significant and clinically meaningful within-group reduction in pain from baseline, with a mean change in NPRS at Week 12 of -2.02.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/12/42396975/vertex-has-5-billion-plus-opportunity-in-pain-and-kidney-disease-programs-analyst-upgrades-stock" rel="noreferrer noopener">Vertex Has $5 Billion-Plus Opportunity In Pain And Kidney Disease Programs, Analyst Upgrades Stock</a>
The study also included a placebo reference arm, which showed a similar within-group reduction in pain from baseline, with a mean change in NPRS at Week 12 of -1.98.
Secondary and other endpoints were consistent with the study&#8217;s primary endpoint.
Vertex also conducted post-hoc analyses showing variability in the placebo response across study sites, a recognized issue in pain trials.
In the ~40% of sites that had lower placebo responses, the suzetrigine arm within-group reduction in pain was similar to the overall study and had greater separation from the placebo arm.
These analyses suggest that trial design innovation may better control the placebo response and separate the treatment effect of suzetrigine from placebo in future studies, which Vertex will incorporate as it designs the pivotal program.
Suzetrigine was generally well tolerated in the study. William Blair notes that Vertex plans to move suzetrigine into Phase 3 trials following discussions with regulators despite Phase 2 results not clearly outperforming a placebo.
The analyst questions the decision, citing concerns about the trial&#8217;s design and the small effect size, which could make it hard to ensure success.
Price Action: VRTX stock is down 13.4% at $387.37 at last check Thursday.
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Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Rivian Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) have been partners in an electric delivery van deal since the EV company <a href="https://www.benzinga.com/trading-ideas/long-ideas/21/11/24017625/amazon-doubling-down-on-rivian-ipo-what-investors-need-to-know">went public in 2021</a>. Here's a look at the recent milestone hit and what's next for both companies.
What Happened: Amazon partnered with Rivian, a <a href="https://www.benzinga.com/markets/equities/24/06/39529434/rivian-investor-day-highlights-ceo-scaringe-focuses-on-amazon-tesla-partnerships-says-ev-chargin">company it invested in</a> prior to the 2021 IPO, on a deal for 100,000 electric delivery vehicles with a goal to have all the vehicles on the road by 2030.
With six years left to go, Amazon is one-fifth of the way to that goal, which is part of an overall Climate Pledge to have net-zero carbon emissions by 2040.
Amazon had its first Rivian EDV on the road in 2022 and now has over 20,000 of the Rivian vehicles in its fleet, according to a report from <a href="https://www.teslarati.com/amazon-announces-major-milestone-in-ev-transition-with-rivian/amp/">Teslarati</a>.
While the majority of the vehicles are operating in the United States, Amazon is also using the electric delivery vans in Europe.
For Amazon, the use of the electric delivery vans gets the company closer to its goal of net-zero carbon emissions, while also making things more efficient for drivers.
In 2024, over one billion Amazon packages have been delivered using the Rivian electric delivery vans.
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What's Next: Though the 20,000 milestone may only be one-fifth of the way to the 100,000 goal, it has been rapidly increasing. In March 2023, Amazon had only 3,000 of the Rivian vans in its fleet according to the report.
Amazon will continue to anticipate deliveries of the Rivian vehicles to meet its climate goals and to streamline driver efficiency.
For Rivian, the Amazon 100,000 unit order remains a key priority and can help provide a strong cushion of production and delivery unit figures as it awaits its new consumer vehicle models.
Rivian CEO RJ Scaringe shared earlier this year that the electric delivery vans for Amazon rolled out slower than anticipated.
Back in November 2023, Rivian announced that it had <a href="https://www.benzinga.com/news/earnings/23/11/35659331/rivian-stock-upshifts-on-strong-q3-earnings-eps-beat-revenue-beat-increased-production-guidance-and">amended its deal</a> with Amazon to no longer be exclusive.
"We have amended our Amazon agreement with terms and conditions, which provide the opportunity to sell commercial vans to other customers, helping more companies reduce their CO2 emissions," Scaringe said at the time.
Rivian also said at the time that it was in "active discussions" with other potential EDV fleet customers. In December 2023, Rivian announced a deal with AT&amp;T Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>).
Amazon remains a large shareholder in Rivian with a reported stake of around 16%. The e-commerce leader will continue to collect deliveries of Rivian EDVs.
For Rivian, the company will deliver vehicles to Amazon and also look to diversify to other customers as it grows its EDV segment alongside its consumer vehicle division.
RIVN Price Action: Rivian stock is down 1% to $12.98 on Thursday versus a 52-week trading range of $8.26 to $24.61. Rivian stock is down 39% year-to-date in 2024 and down around 90% since its market debut in 2021.
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Photo: Amazon

Amazon Has 20,000 Rivian Electric Delivery Vans In Fleet: Here's What Could Be Next For Both Companies

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