Rivian Automotive Stock Brushes Off Output Numbers

The company's COO is also retiring

Assistant Editor
Jan 11, 2022 at 11:29 AM
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The shares of Rivian Automotive Inc. (NASDAQ:RIVN) are up 5.2% to trade at $85.68 at last glance, reversing course from their pre-market losses. The company's electric vehicle (EV) output fell short of its 2021 goal, amid news that the company's Chief Operating Officer (COO) Rod Copes is retiring. 

Publicly traded since mid November, RIVN is already down 17.6% year-to-date -- hitting a Jan. 6 record low of $75.13. Now on its way toward a rebound, the stock's 20-day moving average still lingers overhead as potential pressure, and helped guide the security lower since forming in early December. It's also worth noting that RIVN's 14-day relative strength index (RSI) of 38 sits near "oversold" territory. This means a short-term bounce could have already been in the cards. 

Short interest has skyrocketed, adding 209% during the two most recent reporting periods. Now, the 19.61 million shares sold short account for 3% of the stock's available float. Additionally, the security has landed on the Short Sale Restricted (SSR) list today. 

 

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