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. Rivian Automotive (RIVN) raised $9.1 billion in an IPO on Wednesday, November 10th 2021. The company issued 153,000,000 shares at a price of $57.00-$62.00 per share. The company is scheduled to Kraken Review release its next quarterly earnings announcement on Tuesday, May 7th 2024. Click the link below and we’ll send you MarketBeat’s list of the 10 best stocks to own in 2024 and why they should be in your portfolio. Sign-up to receive the latest news and ratings for Rivian Automotive and its competitors with MarketBeat’s FREE daily newsletter.
- Rivian produced 13,980 vehicles and delivered 13,588 vehicles during the period ending March 31.
- The company has guided for full-year production of 57,000 vehicles compared to actual production of 57,232 vehicles in 2023.
- Rivian (RIVN) is trading higher following the R2 launch event.
- A hold rating indicates that analysts believe investors should maintain any existing positions they have in RIVN, but not buy additional shares or sell existing shares.
Rivian is also building the Rivian Adventure Network, a series of charging stations along popular routes and out-of-the-way destinations. The charging stations can add up to 120 miles of range to a battery pack in just 20 minutes. The company is planning to launch at least 2500 stations nationwide. The R1T comes with 8 different drive modes geared for offroading, city adventures, and everything in between. Among the choices is the “Drift” mode which proactively distributes power to offset traction control and increase the “fun” factor.
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The company vehicles are designed for sustainability and long lifespans across all components with repairability and reusability key to the end result. That includes engineering specifications such as easily removable batteries and batteries that can be easily recycled or repurposed into stationary power packs when their EV lifespan fxchoice review is spent. According to 23 analysts, the average rating for RIVN stock is «Buy.» The 12-month stock price forecast is $18.23, which is an increase of 80.50% from the latest price. Nelson believes that Rivian has significant demand, scale and cash burn issues, which will result in lower net sales for Q1 when compared to Q4.
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It also surprised investors by unveiling the R3 and R3X compact SUVs. The company offers five-passenger pickup trucks and sports utility vehicles under the R1T and R1S labels. The R1T is a highly configurable pickup while the R1S is an off-road capable SUV. The R1T is hailed as the world’s first EV adventure vehicle, it began production in early 2021 and the first deliveries were made later that same year.
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Meanwhile, Truist Securities analyst Jordan Levy took on a more bullish view and reiterated his price target of $11 and “hold” rating. Levy believes that the production and delivery figures should help alleviate some concerns surrounding EV demand. However, the analyst advised that investors should easymarkets review remain aware of the planned Normal facility shutdown, which could affect volume, margins and cash flows. The company, which is not yet profitable, reported a net loss of $1.52 billion for the three-month period that ended Dec. 31, compared with $1.72 billion during the same period a year earlier.
Why Rivian Stock Was Moving Higher Today
While the EV startup can serve more customers with a $45,000 sport-utility vehicle, the market is getting crowded. Rivian (RIVN) is trading higher following the R2 launch event. Jenny Horne discusses this as the Rivian CEO notes that there are over 68K R2 reservations in 24 hours.