Rivian Automotive (NASDAQ:RIVN) stock is sliding lower on Monday after being hit with a price target cut by Wedbush analyst Dan Ives.
The new price target for Rivian Automotive drops Wedbush’s prediction from $30 per share to $25 per share. That’s still a potential upside of 32.1% compared to its prior close. Traders should keep in mind that the analysts’ consensus price prediction is $29.40 per share. Previously, Wedbush weighed in on RIVN stock by updating its price target from $25 to $30 per share in July.
Despite the price target drop, Wedbush continues to remain bullish on RIVN stock. Ives maintained his “outperform” rating for the shares in this latest update. For comparison, the analysts’ consensus rating for RIVN is moderate-buy based on 20 opinions.
What Wedbush Thinks of RIVN Stock
Ives said the following about Rivian Automotive in a note to clients obtained by Seeking Alpha:
“One step forward, two steps back is the theme for Rivian the last few years and the company has turned the corner from a production perspective and navigated many challenges YET continues to stumble with head scratching strategic/investment moves again and again with this latest convert move along those lines.”
RIVN stock is down 2.9% as of Monday morning, with around 1 million shares traded. The electric vehicle (EV) company’s daily average trading volume is about 45.9 million shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
