Rivian Automotive (NASDAQ: RIVN) heads into the weekend of 22 November 2025 still very much in the market’s spotlight. A fresh wave of institutional buying, renewed debate about valuation, and lingering questions around profitability are all shaping the story for Rivian stock today.
Rivian Stock Snapshot for 22 November 2025
U.S. markets are closed today (Saturday), so the most recent trading data comes from Friday, 21 November 2025:
- Last close:$14.86 per share
- Daily move (Friday): +1.36%
- 52-week range: from about $10.00 (22 November 2024) to $18.13 (11 November 2025) [1]
That puts Rivian stock:
- Roughly 18% below its recent 52-week high
- Around 48% above its 52-week low
MarketBeat and other data providers peg Rivian’s market cap near $18.2 billion, with the company still unprofitable and trading on a negative price-to-earnings ratio (around -4.8), a reminder that this is still a growth-and-promise story rather than a cash-machine one. [2]
Today’s Big Theme: Quiet Tape, Busy Headlines
Even without live trading, 22 November 2025 is an active news day for Rivian. The headlines cluster around three main themes:
- Institutional investors quietly adding to positions
- Fresh valuation takes after a strong post-earnings run
- Rivian’s role in the broader EV trade staying front and center
Let’s break those down.
1. Institutional Money Is Still Flowing Into RIVN
Tableaux LLC Opens a New $3.44 Million Position
A new filing reveals that Tableaux LLC established a new Rivian stake of 250,000 shares in Q2, valued at roughly $3.44 million. [3]
Key details from the filing:
- Tableaux’s purchase is part of a wider pattern of hedge funds and asset managers adding to Rivian positions.
- Other institutions such as TD Asset Management, Blair William & Co., and Avantax Advisory Services have also modestly increased their holdings. [4]
- Overall, about 66% of Rivian’s float is now held by hedge funds and other institutions, underscoring the stock’s appeal to professional investors even as profitability remains elusive. [5]
Nomura Asset Management Ups Its Stake
On the same day, another 13F-based story hit the tape: Nomura Asset Management Co. Ltd. increased its Rivian holdings by 13.2% in the second quarter. [6]
Highlights:
- Nomura added 28,600 shares, bringing its total to 245,173 shares, worth about $3.37 million at the time of the filing. [7]
- The article reiterates that insiders own just over 2%, while institutions hold more than two-thirds of the company.
- It also flags that Wall Street’s consensus rating on RIVN is “Hold”, with 6 Buy, 16 Hold and 5 Sell ratings, and an average price target around $14.34—very close to where the stock is trading today. [8]
Why it matters:
- Rising institutional ownership can be read as a vote of confidence in Rivian’s long-term story.
- At the same time, the “Hold-heavy” rating mix suggests that many analysts view the current price as fair rather than deeply undervalued.
2. Fresh Valuation Debate: Optimism vs. Execution Risk
A new Simply Wall St piece published today captures the tension in Rivian’s setup perfectly: optimism about partnerships and cost reductions vs. the reality of continued losses. [9]
Key points from the analysis:
- Share price momentum: Rivian’s stock is up over 15% in the past month and roughly 45% over the last 12 months, driven by better-than-expected earnings and excitement around strategic deals. [10]
- Longer-term pain: Over a three-year window, shareholders are still sitting on negative total returns, a reminder of how brutal the post-IPO comedown has been. [11]
- Partnerships in focus:
- Volkswagen joint venture, with multi-billion-dollar funding potential and shared EV/software tech
- Amazon as a commercial van customer and strategic partner
- AT&T, which is using Rivian vehicles and digital services in parts of its fleet [12]
The article underscores that cost improvements and software economics are starting to show up in the numbers, but insists that valuation still hinges on whether Rivian can:
- Scale its R2 platform profitably
- Continue cutting manufacturing costs
- Navigate intense EV competition and weakening incentives
3. Rivian Remains a Core EV Sector Watchlist Name
MarketBeat’s “Top Electric Vehicle Stocks To Follow Today – November 22nd” list features Rivian alongside Tesla, NIO, XPeng, QuantumScape, BorgWarner and Li Auto. [13]
What that tells us:
- RIVN continues to rank among the most heavily traded EV equities by dollar volume in recent sessions. [14]
- For traders, Rivian is very much a “liquid playground” for short-term bets on EV momentum, analyst calls and macro news.
- For long-term investors, it underscores that Rivian is firmly in the core EV narrative, not a fringe name.
Under the Hood: Earnings, Margins and Cash Burn
Q3 2025: Revenue Surges, Losses Shrink – But Still Red
Rivian’s Q3 2025 results, released on 4 November, are a big part of why institutional interest has been rising. Across multiple sources, a consistent picture emerges: [15]
- Revenue: about $1.56 billion, up roughly 78% year over year, and ahead of consensus estimates.
- EPS: a loss of around –$0.70 per share, beating expectations by about two cents.
- Profitability trend:
- Gross profit turned modestly positive, helped by improved manufacturing efficiency and higher software/services contribution.
- Excluding software and services, per-vehicle gross loss narrowed sharply—from more than $3,100 in Q2 to under $1,000 in Q3, according to Stifel’s analysis. [16]
- Software & services: Revenue in this segment has surged triple-digits year on year, becoming a bigger share of the top line and a key pillar in the path to profitability. [17]
On the other hand:
- Net margins remain deeply negative (around –61%), and return on equity is still steeply in the red, as MarketBeat’s institutional-ownership pieces highlight. [18]
- Rivian has also narrowed its 2025 delivery guidance, a move that triggered pressure on the stock earlier this quarter as investors reassessed growth versus capacity constraints. [19]
Analyst Sentiment: A “Show-Me” Story with Selective Bulls
Recent weeks have brought a flurry of analyst updates that frame how Wall Street is thinking about Rivian post-earnings:
- Stifel: Raised its price target from $16 to $17 and kept a Buy rating, citing stronger software revenue, improving unit economics and a clear roadmap to cheaper R2 vehicles. [20]
- Tigress Financial: Bumped its target to $25 per share while reiterating a Buy, pointing to AI/autonomy initiatives and strategic partnerships as upside levers. [21]
- DA Davidson: Moved its target from $13 to $15 but stayed Neutral, balancing improving fundamentals against lingering cash-burn and execution risks. [22]
- RBC Capital: Holds a Sector Perform rating with a $14 target, effectively telling investors the stock is fairly valued near current levels. [23]
Taken together, the data show:
- A consensus rating of “Hold”, not a screaming buy or a collapsing story
- A cluster of targets between the mid-teens and mid-20s, reflecting genuine disagreement on how fast Rivian can scale profitably
Strategic Storylines to Watch
1. Volkswagen Joint Venture and Funding
Volkswagen has confirmed that its joint venture with Rivian could see the EV and software technology extended even to some combustion-engine models in future, underlining how central Rivian’s software stack may become. [24]
Analyst commentary also notes:
- The JV structure could bring up to $2.5 billion in additional funding over time, subject to Rivian hitting technology milestones—meaning execution on software and platform integration is crucial. [25]
2. CEO “Musk-Style” Pay Package
Earlier this month, Rivian’s board approved a new pay package for CEO RJ Scaringe that can be worth up to $4.6 billion if aggressive market-cap and financial milestones are met. [26]
Key details:
- Scaringe receives options on 36.5 million shares at an exercise price of $15.22, with vesting tied to stock-price hurdles between $40 and $140 over ten years, plus operating income and cash-flow targets. [27]
- The company scrapped his previous package (linked to $110–$295 share-price levels) as unrealistic in today’s environment. [28]
- He also gets equity in Mind Robotics, a Rivian-linked industrial AI spin-off, tying his incentives even more closely to long-term innovation. [29]
For investors, this package sharpens the question: Can Rivian ever be worth a lot more than $40 per share again—and on what timeline?
3. Cost Cutting, Layoffs and Margins
To support its profitability push, Rivian has:
- Laid off around 600 workers in 2025, about 4–5% of its workforce, while emphasising severance support for affected employees. [30]
- Highlighted a roughly $2,200 per-vehicle reduction in cost of goods sold from Q2 to Q3 2025, a major driver of improving per-unit economics. [31]
The flipside is familiar:
- Layoffs and aggressive cost cuts risk harming morale and slowing execution if not managed carefully.
- Investors will watch future quarters closely to see whether margin gains are sustainable without undermining product quality or innovation speed.
What Could Move Rivian Stock Next?
Looking beyond today, several near-term catalysts stand out:
- Autonomy & AI Day – 11 December 2025: Rivian plans a dedicated update on autonomy and AI strategy, which could reshape how investors value its software and services businesses. [32]
- Updates on the R2 platform: Any concrete timelines, pricing or margin guidance on R2 vehicles will be critical for long-term models.
- EV demand, tariffs and incentives: Rivian has already felt the sting of tariffs and shifting EV tax credits; changes here could swing demand and profitability expectations quickly. [33]
- Macro and rates: As with most growth names, Rivian’s multiple is sensitive to interest-rate expectations and risk appetite in tech and EVs.
Bottom Line: Rivian Stock Today Is a High-Conviction, High-Volatility Bet
On 22 November 2025, Rivian sits at an interesting crossroads:
- The bull case:
- Strengthening institutional ownership
- Improving unit economics and software-led growth
- Deep partnerships with Volkswagen, Amazon and AT&T
- Analyst targets that, for the more optimistic houses, imply meaningful upside from current levels
- The bear case:
- Persistent losses and a still-heavy cash-burn profile
- Narrowed 2025 delivery guidance and intense EV competition
- A CEO pay package and ambitious long-term targets that some will see as aspirational rather than realistic
- A consensus “Hold” rating that suggests many professionals are waiting for clearer proof of durable profitability
For short-term traders, RIVN remains a high-beta EV vehicle, ready to move on each new headline. For long-term investors, it is increasingly a “show-me” stock: the pieces for a compelling story are visible, but the execution over the next 12–24 months will determine whether recent optimism is justified.
Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Always do your own research or consult a licensed financial advisor before making investment decisions.
References
1. stockanalysis.com, 2. www.marketbeat.com, 3. www.marketbeat.com, 4. www.marketbeat.com, 5. www.marketbeat.com, 6. www.marketbeat.com, 7. www.marketbeat.com, 8. www.marketbeat.com, 9. simplywall.st, 10. simplywall.st, 11. simplywall.st, 12. simplywall.st, 13. www.marketbeat.com, 14. www.marketbeat.com, 15. www.marketbeat.com, 16. www.investing.com, 17. www.reddit.com, 18. www.marketbeat.com, 19. www.investing.com, 20. www.investing.com, 21. www.gurufocus.com, 22. www.investing.com, 23. www.investing.com, 24. www.reuters.com, 25. www.investing.com, 26. www.reuters.com, 27. www.reuters.com, 28. www.reuters.com, 29. www.reuters.com, 30. www.reuters.com, 31. www.investing.com, 32. www.investing.com, 33. www.reuters.com
