| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
Rivian Automotive Inc's (NASDAQ:RIVN) stock is under serious pressure, sliding 38.32% year-to-date. The electric vehicle maker's bumpy ride isn’t just on the road; it's also on the charts, where the technical indicators paint a rather grim picture.
Chart created using Benzinga Pro
Currently trading at $13.07, Rivian's share price is below its eight-, 20- and 50-day simple moving averages, signaling a strongly bearish trend. The recent dip of 24.86% in just one month suggests investors are far from convinced about Rivian’s short-term prospects.
Adding fuel to the fire, Rivian's production woes are making headlines again. The company recently halted production of its EV delivery vans for Amazon.com Inc (NASDAQ:AMZN) due to a parts shortage.
While Rivian assures this hiccup won't affect its SUV and truck lines, investors are left wondering if the company can keep up with Amazon’s massive order of 100,000 vans by 2030.
Amazon, which owns a 16% stake in Rivian, downplayed the disruption, but the market clearly isn’t buying the optimism.
Further compounding Rivian's troubles is the loss of its manufacturing chief, Tim Fallon, to Jeep.
With Fallon heading to Stellantis NV (NYSE:STLA) as its head of manufacturing in North America, Rivian's leadership shuffle could signal more turbulence ahead. The company already revised its 2024 production estimates down from 67,170 to around 50,000 vehicles and has cut 11% of its workforce.
Read Also: Rivian’s Head Of Manufacturing Tim Fallon Joins European Automaker Stellantis
Technically, Rivian's stock is not looking any better.
Chart created using Benzinga Pro
The Moving Average Convergence Divergence (MACD) indicator is at a negative 0.56 and with an RSI of 38.54, the stock appears oversold.
However, the Bollinger Bands suggest some hope, with a potential bounce off the lower band.
But for now, Rivian remains in the bearish lane, with investors likely hitting the brakes until the EV maker shows it can navigate through its current hurdles.
Read Next:
Photo: Courtesy Rivian
