Rivian Automotive, a prominent electric vehicle manufacturer, has had its price target reduced by Evercore ISI from $35.00 to $25.00. Nevertheless, the company maintains an “outperform” rating from the brokerage, suggesting a potential 148.26% increase in stock value from its current price.
This modification in the price target follows several other research reports. Bank of America, DA Davidson, Mizuho, Wolfe Research, and Stifel Nicolaus have all adjusted their price targets and ratings for Rivian Automotive. MarketBeat data indicates the company currently holds an average rating of “Hold” and an average price target of $22.45.
The company’s stock has also experienced a 12.1% decline, attracting the attention of both buyers and sellers within the organization. CFO Claire Mcdonough notably sold 2,946 shares of the company’s stock in a recent transaction, with corporate insiders currently owning 2.30%.
Regarding institutional investors, Price T Rowe Associates Inc. MD, Vanguard Group Inc., BlackRock Inc., Moneta Group Investment Advisors LLC, and State Street Corp are among those who have adjusted their holdings of the company. This implies a potential shift in the ownership of the company’s stock.
Rivian Automotive is engaged in the design, development, manufacturing, and sale of electric vehicles and accessories for consumer and commercial markets. The company has also partnered with Amazon.com, Inc to create the Rivian Commercial Vehicle platform for Electric Delivery Van.
Despite the alterations in price target and ratings by various institutions, Rivian Automotive continues to attract interest and investment in the stock market. Investors and analysts are closely monitoring the company’s performance and its growth potential in the future.
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