What's Going On With Rivian Automotive Stock?

Rivian Automotive, Inc. RIVN shares are trading lower Thursday, and the stock is down more than 17% over the past five days. Here’s a look at what’s going on.

What To Know:

On Wednesday, Deutsche Bank downgraded Rivian from Buy to Hold and lowered its price target from $29 to $19. Deutsche Bank noted that its downgrade of Rivian is based in part on expected volume guidance of only 65,000 units resulting from factory shutdowns and a slow ramp up which could result in heavy losses through the third quarter of 2024.

Rivian announced the availability of its R1S electric SUV for leasing on Wednesday. The R1S can be leased for 36 months at approximately $1,169 per month.

According to data from Benzinga Pro, Rivian shares are trading below the stock’s 50-day moving average of $19.01, and 18.87% of available shares are being sold short which may be adding to the price volatility.

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What Do Analysts Think Of RIVN: Wall Street analysts view Rivian Automotive on the whole as a Neutral, given the history of coverage over the past three months. Emmanuel Rosner from Deutsche Bank is the most bearish, expecting a 34.48% 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 5.08%, 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 149.44% over the past year.

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RIVN Price Action: According to Benzinga Pro, Rivian Automotive shares are down 6% at $15.74 at the time of publication.

Rivian R1T Photo via Shutterstock.