"Shares of Rivian Automotive (NASDAQ:RIVN) popped 14.82% over the past five trading sessions after gaining 3.06% the five prior. The stock seems to have found a short-term bottom after a skid that began in late September. On the year, RIVN is now up 29.51%, and over the past year, it's up 44.57%. When Rivian reported Q3 earnings on Nov. 4, it beat on the top line but missed on the bottom line with quarterly EPS of 65 cents versus 72 expected, and revenue of $1.56 billion beating expectations of $1.5 billion. Institutional ownership remains somewhat wary of the stock, with 56.25% of its float currently held by institutions."
"On Sept. 23, Mizuho raised its price target on Rivian to $14 from $12, keeping a "Neutral" rating on the shares. The firm increased estimates in the autos space, saying U.S. tariffs should have a minimal impact on new vehicle prices. In addition, August U.S. electric vehicle sales were up 17% year-over-year as consumers look to cash in before the Inflation Reduction Act credits end, according to a Mizhuo research note to investors."
"In July, the EV maker announced that is continuing work on its Georgia plant, which is slated to open in 2028. Earlier in July, Rivian announced a partnership with Google Maps on a new navigation system for its electric vehicles. Rivian will continue to offer its own customized navigation interface on the 15.6-inch center touchscreen, but the underlying data is now powered by the Automotive SDK from Google Maps instead of third-party alternatives."
Rivian shares gained sharply in recent trading, reversing a late-September slide and producing notable year-to-date and one-year gains. Q3 results showed revenue of $1.56 billion, beating expectations, while quarterly EPS missed at $0.65 versus $0.72 expected. Institutions hold 56.25% of the float, and Amazon is the largest institutional holder with more than 158 million shares. Mizuho raised its price target to $14 from $12 while maintaining a Neutral rating and cited limited tariff impact and rising U.S. EV sales. Rivian is advancing a Georgia plant slated to open in 2028 and adopted Google Maps’ Automotive SDK for navigation data.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]