What's Going On With Rivian Stock Ahead Of Earnings?

Rivian Automotive, Inc. RIVN shares are trading lower Tuesday. The company is set to report its fourth quarter earnings Wednesday. Here's a look at what's going on.

The Details:

Rivian recently announced it will be expanding into the European market, stating, "Rivian is coming to Europe," on the company's website.

Rivian's new R2 midsize SUV will be revealed on March 7 at 10:00 a.m. PT at an event in California. The EV will initially be available in the U.S. and Canada, and reservations are expected to expand to Europe as well. 

Last week, Barclays analyst Dan Levy downgraded Rivian from Overweight to Equal-Weight and lowered the price target from $25 to $16, citing a slow-down in the broader EV market.

Rivian is set to report its fourth-quarter financial results after the market close on Wednesday and will host a conference call to discuss the results at 5:00 p.m. ET the same day. According to estimates from Benzinga Pro, the company is expected to report losses of $1.32 per share and quarterly revenue of $1.262 billion. 

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Will RIVN Stock Go Up:

When trying to assess whether or not Rivian Automotive will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $20.14 on Rivian Automotive. The Street high target is currently at $25.0 and the Street low target is $16.0. Of all the analysts covering Rivian Automotive, 3 have positive ratings, 4 have neutral ratings and no one has negative ratings.

In the last month, 4 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Rivian Automotive have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Rivian Automotive is 16.8% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Rivian Automotive, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

RIVN Price Action: According to Benzinga Pro, Rivian shares are down 2.5% at $15.89 at the time of publication.

Image: Miro Vrlik Photography on Shutterstock