#6 - Rivian Automotive (NASDAQ:RIVN)
It's been a rough 18 months for the electric vehicle (EV) industry. And Rivan Automotive Inc. (NASDAQ: RIVN) is no exception. Short interest on RIVN stock is at 18.3% and the stock is down 31.76% in the last 12 months and over 60% in 2024.
The good news is that Rivian is making cars, and its revenue is increasing. However, the company is not profitable to date, and even though it is accelerating its timeline for the production of its next vehicle, the company is saying production will be flat in 2024 compared to 2023. Nevertheless, it hopes that a plant retooling and new deals with suppliers will lead to profitability in 2024.
That may be a difficult needle for the company to thread, and analysts are cautiously approaching RIVN stock. The EV market is likely to grow significantly in the coming years, but there is also expected to be consolidation. Investors should consider that.
About Rivian Automotive
Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.
Read More - Current Price
- $10.26
- Consensus Rating
- Hold
- Ratings Breakdown
- 11 Buy Ratings, 11 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $17.68 (72.3% Upside)
