What Happened?
Shares of electric vehicle manufacturer Rivian (NASDAQ: RIVN) jumped 19.2% in the morning session after the company reported 14,183 vehicle deliveries in Q4 2024, ahead of analysts' consensus estimate of roughly 13,000. Just one day prior, Tesla's Q4 2024 deliveries missed expectations. Additionally, Rivian's press release highlighted that prior shortages of components for vehicle platforms are no longer a hinderance to go-forward production.
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What The Market Is Telling Us
Rivian’s shares are extremely volatile and have had 53 moves greater than 5% over the last year. But moves this big are rare even for Rivian and indicate this news significantly impacted the market’s perception of the business.
The previous big move we wrote about was 16 days ago when the stock dropped 5.2% on the news that Baird analyst Ben Kallo downgraded the stock from Buy to Hold and lowered the price target from $18 to $16.
Kallo pointed out that the recently completed Volkswagen joint venture and the unexpected boost from the Department of Energy's funding announcement are "in the rearview." The analyst believes there are limited new catalysts to drive the company's performance in 2025. As a result, Kallo thinks the stock will struggle.
Investors who bought $1,000 worth of Rivian’s shares at the IPO in November 2021 would now be looking at an investment worth $155.81.
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