Rivian's $75 million share offering is overshadowing upbeat delivery guidance
Rivian Automotive Inc (NASDAQ:RIVN) stock is among the notable Nasdaq Composite (IXIC) laggards today, down 11.1% to trade at $17.96, on track for its worst single-session decline since November 2024. While the EV concern reported revenue and delivery guidance that topped FactSet forecasts, a $75 million share offering is weighing on the equity.
Prior to today, Rivian stock was trading at its highest level since Jan. 9, and had nearly doubled its Aug. 6, 52-week low of $11.57. Now, the shares are back below their year-to-date breakeven level and historically resistant $18 level.
Keep an eye on analyst behavior. Of the 27 brokerages covering Rivian, 11 maintain "buy" or better ratings, while the consensus 12-month price target is a 5% premium to its current perch. Should the stock continue to struggle, analysts may change their tune.
Options traders are responding to the news. In just the first hour of trading, 42,000 puts have changed hands, volume that's four times the average intraday amount. The weekly 7/10 17-strike put is the most popular, where new positions are being bought to open.