Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading higher Friday, and the stock has gained more than 20% as EV stocks rallied on multiple catalysts this week.
What To Know:
Several EV makers, including Lucid Group, Inc. (NASDAQ:LCID) and Tesla, Inc. (NASDAQ:TSLA), recently reported better-than-expected second-quarter vehicle deliveries which signaled to investors the recent "EV Winter" may be over. Tesla shares rallied more than 40% in the past two weeks before pulling back on news that its Robotaxi event will be delayed.
Thursday's June inflation data came in cooler-than-expected. The Consumer Price Index marked its lowest print since May 2020 with headline CPI inflation slowing from 3.3% in May 2024 to 3% in June 2024 on a year-over-year basis. The 3% figure came in below the 3.1% expected among economists and ignited a rally in small cap stocks and sectors with heavy debt loads, including EVs.
Additionally, the Department of Energy disclosed $1.7 billion in grants to transform 11 auto production facilities that are either shut down or at risk into EV manufacturing plants and supply chain hubs.
On Friday, Mizuho analyst Vijay Rakesh maintained a Neutral rating on Rivian and raised the price target from $11 to $15.
According to data from Benzinga Pro, Rivian shares are trading well-above the stock's 50-day moving average of $11.63 and 18.48% of available shares are being sold short.
Will RIVN Stock Go Up?
When trying to assess whether or not Rivian Automotive will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $15.20 on Rivian Automotive. The Street high target is currently at $30 and the Street low target is $9. Of all the analysts covering Rivian Automotive, 12 have positive ratings, 12 have neutral ratings and one has a negative rating.
In the last month, 17 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Rivian Automotive have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Rivian Automotive is 27.8% down year-to-date. The average analyst price target suggests the stock could have further downside ahead.
For a broad overview of everything you need to know about Rivian Automotive, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
RIVN Price Action: According to Benzinga Pro, Rivian Automotive shares are up 8.03% at $18.11 at the time of publication Friday.
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Image: Courtesy of Rivian Automotive, Inc.