What's Going On With Rivian Stock Friday?

Author: Erica Kollmann | June 28, 2024 12:51pm

Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading lower Friday after the stock gained earlier in the week following the announcement of a partnership with Volkswagen and the company's investor day.

The Details:

Rivian held its investor day Thursday and said it expects second-quarter vehicle production to be in a range of 9,100 to 9,300 units with a total of 57,000 vehicles produced in 2024. The company also shared that it expects the R2 model EV to launch in the first half of 2026.

Rivian CEO RJ Scaringe said the company is excited about its new partnership with Volkswagen and said it creates flexibility within Rivian’s platform.

The Rivian CEO also highlighted the success of the company’s focus on simplifying output and cutting costs. Scaringe said the efforts have resulted in a 35% reduction in cost of materials and the ability to run the production plant 30% faster.

Several analysts updated coverage on Rivian Automotive over the past week:

Wedbush analyst Daniel Ives maintained Rivian with an Outperform and raised the price target from $15 to $20.
Cantor Fitzgerald reiterated its Overweight rating and raised its price target from $15 to $19.
JP Morgan analyst Ryan Brinkman maintained an Underweight rating and raised the price target from $10 to $14.
Needham maintained Rivian with a Buy and raised the price target from $13 to $20.
Morgan Stanley analyst Adam Jonas maintained an Overweight rating and $13 price target.

RIVN Stock Prediction 2024:

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Rivian Automotive have an average 1-year price target of $14.52, representing an expected upside of 2.8%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. 1 analysts have bearish recommendations on Rivian Automotive, while 12 analysts have bullish ratings. The street high price target from Cantor Fitzgerald is $23, while the street low from UBS is $9.

RIVN Price Action: According to Benzinga Pro, Rivian Automotive shares are down 2.9% at $14.05 at the time of publication Friday.

Image: Courtesy of Rivian Automotive, Inc.

Posted In: RIVN