What's Going On With Rivian Stock?
Portfolio Pulse from Henry Khederian
Rivian Automotive Inc (NASDAQ:RIVN) shares increased by 4.7% to $13.38 amid strength in recent sessions, gaining 25% over the last five days after its earnings report. The upcoming Consumer Price Index (CPI) report may influence Rivian's stock due to potential Federal Reserve actions on interest rates. UBS analyst Joseph Spak maintained a Sell rating on Rivian but raised the price target from $8 to $9. Wall Street views Rivian as Neutral, with a significant fall expected by the most bearish analyst. Rivian's stock fell 26.63% in the past three months, despite a 98.34% revenue increase over the past year.
March 11, 2024 | 3:06 pm
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Rivian's stock rose 4.7% to $13.38, gaining 25% over five sessions post-earnings. The CPI report's anticipation and UBS's updated Sell rating with a higher price target may influence short-term stock movement.
Rivian's recent stock performance is attributed to its positive earnings report and the market's anticipation of the CPI report. The adjustment of the price target by UBS, despite maintaining a Sell rating, indicates a nuanced view on the stock's value, potentially affecting investor sentiment. The short-term impact is likely positive due to recent gains but could be volatile around the CPI report release.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100