130% from its IPO price of $78.
Yet since that time, Rivian’s shares have fallen back down to Earth. After the EV start-up alerted shareholders to some short-term production challenges during its third-quarter earnings report earlier this week, its stock plunged.
With its shares now trading at a significantly cheaper price, is it finally the time to buy Rivian stock? Two analysts believe it is. Here’s why.
nalysts were a bit disappointed when Rivian said supply chain constraints would cause it to fall “a few hundred vehicles short” of its production goal of 1,200 vehicles in 2021. Yet they were quick to highlight the strong consumer demand Rivian is seeing for its electric trucks.
For one, Wedbush analyst Dan Ives projects that Rivian’s reservations for its passenger trucks will surpass 100,000 by the second half of next year. Preorders for Rivian’s R1T pickup truck rose to 71,000 as of Dec. 15, up from approximately 48,000 at the end of September. In turn, Ives has a buy rating on Rivian’s stock and a $130 price forecast for its shares.
RBC analyst Joseph Spak is even more bullish on Rivian’s prospects. He sees the…
Continue reading at THE MOTLEY FOOL