What's Going On With Rivian Automotive Stock?
Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading higher Monday. The Biden administration on Monday proposed a ban on the import and sale of Chinese-made vehicles due to national security concerns.
What To Know:
Rivian shares are recovering from Friday's steep losses, possibly aided by the newly proposed ban on Chinese-made vehicles. The proposed ban comes on the heels of last week's steep tariffs on Chinese goods, including a 100% tax on EVs.
Rivian could stand to benefit from the newly imposed tariffs and proposed ban of Chinese auto-tech. Both initiatives will limit, if not completely eliminate, cheaper Chinese EVs from the U.S. market, and significantly reduce pressures on Rivian from such competition.
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Rivian also stands to benefit from reduced borrowing costs due to last week's federal interest rate cut. Rivian remains in its growth phase and has yet to turn a profit, relying on borrowed funds to continue production.
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 $17.47 on Rivian Automotive. The Street high target is currently at $30 and the Street low target is $13. Of all the analysts covering Rivian Automotive, 21 have positive ratings, 14 have neutral ratings and one has a negative rating.
In the last month, 6 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 43.32% down year-to-date. The average analyst price target suggests the stock could have further upside 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 shares are up 1.32% at $11.87 at the time of publication Monday.
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Image: Courtesy of Rivian Automotive, Inc.
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