Photo: courtesy of Rivian.

Rivian Automotive Inc (RIVN) shares were trading lower on Friday after the company reported disappointing financial results. There's one specific reason the EV stock wasn't trading significantly lower than it already was, according to Wedbush analyst Dan Ives: Amazon.com Inc. (AMZN).

What To Know

Amazon owns a 20% stake in the EV startup. Rivian has a contract to supply the e-commerce giant with 100,000 electric delivery vans by 2030. "If Amazon wasn't in the picture, we would not be bullish," Ives said on CNBC.

Amazon is a key piece of the Rivian story because it gives the company commercial exposure, Ives explained: "Without Amazon, I don't believe Rivian... is in the same stratosphere as where they are today."

Ultimately, the reason the stock wasn't down more Friday is that the company is backed by Amazon, the Wedbush analyst stressed. "Management, the execution, the communication, that's really been, you know, what I think has really been just overall a black eye for the EV space and for Rivian it's been a disaster," Ives said.

Ives maintained Rivian with an Outperform rating, but lowered his price target to $60.

Q4 Results

Rivian reported quarterly revenue of $54 million, which came in below the $60.03 million estimate. The company recorded an earnings loss of $2.43 per share, which came in below the estimate for a loss of $1.97 per share.

RIVN Price Action

Rivian was making new lows on March 11. The stock closed Friday at $38.05.

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