Rivian has faced two analyst downgrades this week, with UBS moving to a ‘sell’ rating and Wolfe Research shifting to ‘underperform’. The stock has declined for five consecutive sessions, sliding 8.5% on the UBS downgrade alone. Year-to-date performance remains positive, with shares up 31% over the last 12 months, but the recent losses have erased gains from the two-year high recorded on December 22.

Put option volume on Rivian is running at twice its intraday average pace, led by the June-expiry contracts and near-term strikes. Call open interest remains higher in absolute terms, yet the surge in protective positions underscores growing bearish sentiment. The 14-day RSI has plunged to 17, entering deeply oversold territory, while short interest has climbed to 19.2% of the float, representing more than three days of average trading volume in potential covering demand.

Analyst consensus has tilted toward caution: one firm lowered its target by over 25% this quarter, while another boosted its outlook by more than 50%. Of 29 covering analysts, seven rate the shares as ‘sell’, thirteen as ‘hold’ and eight as ‘buy’, with a consensus price target near the mid-teens. Insider sales have also increased, with the CEO and a board director divesting over 20,000 shares combined since mid-December, reducing their collective stake by roughly 1.7%. Institutional holders still control more than two-thirds of the float.