What's Going On With Rivian Automotive Stock Today?

Rivian Automotive, Inc. RIVN shares are trading slightly higher Thursday. The stock shed nearly 7% in Wednesday's session after Morgan Stanley downgraded the EV maker.

The Details:

Morgan Stanley analyst Adam Jonas downgraded Rivian from Overweight to Equal-Weight and lowered the price target from $16 to $13 on Wednesday. The analyst forecasted increased spending related to Rivian's partnership with Volkswagen and increased his annual capex estimates by $200 million to $300 million per year beginning in 2026. 

"The downgrade reflects our incorporation of the capital intensity of AV/ADAS which may be required to fulfill the technological underpinnings that attracted Volkswagen as a JV partner," Jonas said.

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What Else: The Biden administration recently implemented hefty tariffs on Chinese EV imports and proposed a ban on the import and sale of Chinese-made vehicle-tech due to national security concerns. As a U.S.-based EV company, Rivian may benefit from both initiatives as they limit, or eliminate, cheaper Chinese EVs from the U.S. market.

According to data from Benzinga Pro, Rivian shares have shed more than 50% year-to-date and 14.16% of shares are being sold short. 

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 $17.47 on Rivian Automotive. The Street high target is currently at $30 and the Street low target is $13. Of all the analysts covering Rivian Automotive, 16 have positive ratings, 14 have neutral ratings and no one has negative ratings.

In the last month, 7 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 46.61% 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 up 2.54% at $11.31 at the time of publication Thursday.

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Image: Courtesy of Rivian Automotive, Inc.