"Shares of Rivian Automotive (NASDAQ:RIVN) lost 1.57% over the past five trading sessions after gaining 2.70% the five prior. The stock seems to have found a short-term bottom after a skid that began in late September. On the year, RIVN is now down 0.45%, and over the past year, it's up 28.18%. In July, the EV maker announced that is continuing work on its Georgia plant, which is slated to open in 2028."
"Earlier in July, Rivian announced a partnership with Google Maps on a new navigation system for its electric vehicles. Rivian will continue to offer its own customized navigation interface on the 15.6-inch center touchscreen, but the underlying data is now powered by the Automotive SDK from Google Maps instead of third-party alternatives. On June 2, it was reported that Rivian was eyeing a new debt deal as expected vehicle deliveries slumped."
"The U.S.-based EV maker announced plans to offer $1.25 billion in senior secure green notes due 2031 in a private offering. The EV maker plans to use those funds, as well as cash on hand, to redeem $1.25 billion of outstanding senior secured notes due in 2026. On Sept. 23, Mizuho raised its price target on Rivian to $14 from $12, keeping a "Neutral" rating on the shares. The firm increased estimates in the autos space."
Shares of Rivian Automotive lost 1.57% over the past five trading sessions after gaining 2.70% the five prior, appearing to find a short-term bottom after a skid that began in late September. Year-to-date the stock is down 0.45% and up 28.18% over the past year. Rivian is continuing work on a Georgia plant slated to open in 2028 and partnered with Google Maps to power navigation data via the Automotive SDK while retaining a customized 15.6-inch touchscreen interface. The company plans to offer $1.25 billion in senior secured green notes due 2031 to redeem like-maturity 2026 notes. Mizuho raised its price target to $14. Institutional ownership is 54.62%, with Amazon holding over 158 million shares. Q3 earnings are expected Nov. 4.
Read at 24/7 Wall St.
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