Rivian Heads Into Q2 Print After a Rough Week

RIVN reaches its July 28 earnings date in worse shape than ten days ago, with the stock down 9% on the week to $15.84 — reversing much of the recovery that the prior note tracked from the July 8 collapse.

The short-side picture has shifted modestly since the July 15 note. Short interest has eased a touch further to 11.5% of the free float, down from 11.7% then, and the ORTEX short score has retreated to 62.2 from 63.3. Bears are not piling back in ahead of the print. Borrow availability has actually loosened further — now at 282%, up from 254% two weeks ago — meaning nearly three shares are available for every one currently shorted. Cost to borrow remains negligible at 0.57%. The lending market is sending no signal of fresh short conviction. Options positioning is equally unremarkable: the put/call ratio of 0.92 sits almost exactly at its 20-day average, with a z-score close to zero. Neither the derivatives nor the lending market suggests investors are bracing hard for a downside shock.

The analyst community is divided but leaning cautious. Morgan Stanley maintained its Underweight rating this month, lifting its target only to $13 — well below the current price. UBS and Jefferies both nudged targets up to $17 while staying neutral. BNP Paribas is the notable outlier, raising its Outperform target to $24. The consensus mean sits at $18.77, implying modest upside from here, but the spread from $13 to $25 reflects genuine disagreement. Bulls point to the Amazon delivery-van partnership, the planned 2026 midsize SUV launch, and an improving forward EPS trajectory. Bears focus on the persistent quality problem — a Piotroski F-score of 2, deeply negative ROA, and a history of missing production ramp targets. EPS surprise ranks in just the 20th percentile, and the stock has fallen on the day of each of the last three earnings releases, including a 9.9% drop as recently as June 22.

Porsche remains the largest declared institutional holder at 14.6% after adding roughly 63 million shares in the most recent filing period, a meaningful vote of confidence from a strategic partner. Against that, insider activity has been uniformly one-directional: CEO Robert Scaringe and CFO Claire McDonough have both sold shares repeatedly since May, with the CFO executing four separate sales between mid-May and early June. The 90-day net insider figure is heavily distorted by a large award, not open-market buying.

Monday's print is therefore a test of whether Rivian can show a production and delivery trajectory — and a path toward positive gross margin — compelling enough to arrest a stock that has given back its summer gains and now trades nearly 16% below its year-to-date starting point.