NEW YORK, July 27, 2026, 5:01 p.m. EDT — U.S. regular session was closed, while after-hours markets continued trading.
- Rivian ended the session at $16.48, rising 4.0%, following an upgrade from Piper Sandler.
- The yearly goal calls for 42,441 to 47,441 deliveries in the second half.
- Second-quarter earnings will be released following Thursday’s market close. Early revenue projections range between $1.55 billion and $1.65 billion.
Shares of Rivian Automotive, Inc. advanced following a new analyst upgrade on Monday. The stock finished the session at $16.48, and rose another 0.3% in after-hours trading.
Piper Sandler Companies NYSE:PIPR upgraded Rivian to Overweight from Neutral. Analyst Alexander Potter increased the price target to $20 from $18.
The shift was primarily driven by individual stocks. The Nasdaq Composite fell 0.18% in Monday’s trading.
The more challenging task is in Rivian’s delivery calculations. The requirements are tough.
Rivian reported 22,559 deliveries in the first half. To hit its goal of 65,000 to 70,000 deliveries, the company needs to deliver between 42,441 and 47,441 more vehicles this year.
| Delivery measure | Vehicles | Comparison |
|---|---|---|
| First-quarter result | 10,365 | — |
| Second-quarter result | 12,194 | 17.6% higher than Q1 |
| H2 average per quarter, lower guidance | 21,221 | 74.0% above Q2 |
| H2 average per quarter, upper guidance | 23,721 | 94.5% above Q2 |
Figures are based on Rivian’s disclosed quarterly delivery numbers and existing full-year outlook.
The required delivery rate marks a significant increase. Every upcoming quarter needs to see deliveries rise by a minimum of 74% over Q2.
Rivian’s deliveries for the second quarter have surpassed its projected 9,000 to 11,000 range. The total also counts the first R2 vehicles, following the start of deliveries in late April.
Potter highlighted “a de-risked balance sheet” along with a better demand outlook. He called the R2 ramp smooth. His price target of $20 projects approximately 21% upside from Monday’s close. TipRanks
However, Monday’s gains only partially offset last week’s decline. Rivian dropped 9.2% from July 17 to July 24, and is still trading 5.6% under its July 17 closing price.
The shares are currently trading only 6.3% above Rivian’s latest offering price. Rivian issued 86.25 million shares at $15.50 each, factoring in the full underwriters’ option. Estimated net proceeds totaled $1.32 billion.
The sale eased immediate funding pressures but led to a higher share count. Thursday’s report will need to demonstrate how the additional capital is being used.
Rivian has projected second-quarter revenue between $1.55 billion and $1.65 billion, topping the $1.45 billion estimate from LSEG as of July 6. Preliminary cash at quarter-end stood at $5.3 billion.
Profit margins outweigh just top-line performance. Rivian reported a consolidated gross profit of $119 million for the first quarter. The automotive division, however, continued to show a gross loss, amounting to $62 million.
Key risks are still centered around R2 production volumes, product quality, pricing, and the rate of cash consumption. If the ramp-up slows, the shortfall versus guidance could increase and raise the risk of renewed dilution worries.
The July 30 call sets a clear reference point. Rivian must show that it can deliver more than 21,000 vehicles in a quarter without increasing automotive losses.
