Guggenheim downgraded RIVN to "neutral" from "buy"
Electric vehicle (EV) stock Rivian Automotive Inc (NASDAQ:RIVN) is down 2.9% to trade at $12.65 at last check, after a downgrade from Guggenheim to "neutral" from "buy" to go with a price-target cut to $16. The analyst in coverage cited the likelihood of softer long-term sales of its R2 and R3 cars.
Most brokerages are already skeptical of RIVN, but there is room for additional bear notes, as eight of 26 firms carry still a "buy" or better rating. Plus, the 12-month consensus target price of $15.10 is a 19.5% premium to current levels. Shorts are firmly in control, though, with 19.7% of the stock's available float sold short.
Rivian is fresh off a second-straight weekly loss and carries a 5% deficit for 2025 in addition to its steeper 30.2% year-over-year decline. Amid pressure from their descending 20-day moving average, the shares have carved a channel of lower lows since a 2025 peak at $17.15 on May 20.
Short-term options traders lean bullish. This is per the security's Schaeffer's put/call open interest ratio (SOIR), which sits in the 14th percentile of annual readings. An unwinding of this optimism could create more headwinds for Rivian Automotive stock going forward.