What's Going On With Rivian Stock？ - Rivian Automotive (NASDAQ:RIVN)

　　Rivian Automotive, Inc.RIVN shares are moving Wednesday. Rivian shares climbed in early trading following cooler-than-expected inflation data, but gave up most of the gains moving lower into the close.

　　The Details

　　CPI data released Wednesday morning showed that inflation slowed to 3.3% annually in May, below the expected rate of 3.4%. Cooling inflation data is bolstering hopes for interest rate cuts later this year and small cap stocks climbed following the CPI print.

　　Rivian recently announced a new set of vehicle connectivity features calledConnect+, which includes in-vehicle hotspot, satellite images, Google Castand YouTube. Connect+ will be available in Rivian EVs this summer and will cost $14.99 per month after a free two-month trial for all existing Rivian owners.

　　According to data from Benzinga Pro, Rivian shares are trading above the stocks 50-day moving average of $10.10 and 18.58% of available shares are being sold short.

　　RIVN Stock Prediction 2024

　　Rivian Automotive‘s revenue growth in FY23 was 167.43%, reflecting the influence of various factors including the macroeconomic environment, demand for its products and services, and its position relative to competitors. This growth is a critical indicator for investors assessing the company’s future prospects.

　　Some macro factors that could impact the company's performance in the next year include higher interest rates, progress on reeling in inflation and labor market strength. The Fed's benchmark rate is currently at 5.33%, while PPI recently came in at 0.5%, growing 2.2% from last year. The unemployment rate was most recently reported as 4.0%.

　　An investor should pay attention to economic conditions to decide whether they think the macro environment is positive or negative for Rivian Automotive stock. For real time economic data and breaking market updates, check out Benzinga Pro. Try it for free.

　　How does this stack up against Rivian Automotive's peers？

　　Investors may also want to analyze a stock in comparison to companies with similar products or in similar industries. Rivian Automotive operates in the Consumer Discretionary sector. The stock has experienced average annual growth of -50.95% compared to the -36.59% average of its peer companies. This is below the broader sector movement of Rivian Automotive.

　　RIVN Price Action:According to Benzinga Pro, Rivian shares are down 0.25% at $11.80 at the time of publication Wednesday.

　　Photo: Courtesy of Rivian Automotive, Inc.

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