Why Rivian Stock Is Stuck in Reverse Today
On the first day of trading after a disappointing performance last week, shares of electric vehicle (EV) maker Rivian (NASDAQ: RIVN) are continuing to plunge. Today's red flag stems from an analyst's bearish outlook.
As of 12:10 p.m. ET, shares of Rivian have fallen 2.3%, a partial recovery from their earlier decline of 6%.
Pessimistic about the road ahead, Daniel Ives, an analyst at Wedbush, cut his price target on Rivian's stock to $25 from $32. Based on Rivian's price at the beginning of trading this morning, the price target implies upside of about 27%.
Source Fool.com
