What's Going On With Rivian Automotive Stock?

Rivian Automotive, Inc. RIVN shares are trading lower Tuesday. The stock appears to be pulling back after gaining nearly 15% over the last 30 days.

What To Know:

Shares of electric vehicle companies are being watched closely as the United Auto Workers (UAW) strike against the Big Three automakers, Ford Motor Company F, General Motors Company GM and Stellantis STLA continues.

Some analysts and investors believe that the non-traditional automakers could benefit as the BIG Three face a lack of production, increased costs and delays in transitioning EV manufacturing. 

Last Wednesday, UBS analyst Joseph Spak initiated coverage on Rivian Automotive with a Neutral rating and announced a price target of $26.

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RIVN Price Action: According to Benzinga Pro, Rivian Automotive shares are down nearly 7% at $22.06 at the time of publication.

Image: Courtesy of Rivian Automotive, Inc.