Rivian snaps six straight sessions of gains

Electric car-maker Rivian Automotive (NASDAQ:RIVN) snapped six straight sessions of gains, as the stock closed 3.4% lower at $17.50 on Monday.

The Irvine, Calif.-based company gained about 22.5% in the preceding six sessions. The stock closed 8% higher on Friday at $18.11.

Rivian has lost nearly 23% so far this year, compared to the over 17% rise in the broader S&P 500 Index.

Looking at Seeking Alpha’s Quant Rating, RIVN has a Hold rating with a score of 3.17 out of 5. The company received an A in momentum, while it got an F in the prospect of profitability.

Turning to the Wall Street community, 16 analysts gave RIVN a Buy and above. 11 analysts have given the stock a Hold recommendation, and one recommended Sell.

Seeking Alpha analysts are also bullish and see the stock as a Buy.

Last month, Rivian jointly announced with Volkswagen the formation of a joint venture to share electric vehicle architecture and software, with Wall Street analysts seeing the deal in a very positive light.

However, the company denied rumors and said it has no plans to expand its partnership with Volkswagen for vehicle production.

“The deal with Volkswagen allows Rivian Automotive to address profitability concerns and potentially accelerate the profit timeline,” pointed out a recent Seeking Alpha analysis.

Meanwhile, another Seeking Alpha analysis said while the Volkswagen deal has lifted investor sentiment, much still depends on Rivian’s execution to obtain the necessary funding.

Earlier in the month, Rivian also announced that it produced 9,612 vehicles at its manufacturing facility in Normal, Illinois during Q2 and delivered 13,790 vehicles during the period, with the company noting that production and delivery results for the quarter of 2024 were in line with expectations.

The company is set to report second quarter earnings on August 6.