What's Going On With Rivian Stock?

Rivian Automotive Inc RIVN shares are trading lower on Thursday. Here's a look at what's going on.

What To Know: Rivian founder and CEO RJ Scaringe participated in a fireside chat at the Redburn 2022 CEO Conference earlier this week. 

According to an Electrek report, Scaringe said he's confident the company can sell everything it makes. He also noted that Rivian currently has a strong order backlog spanning into 2024.

Despite current macro headwinds, Amazon.com Inc AMZN-backed Rivian is still seeing strong order demand for its vehicles, Scaringe added. 

What Else: According to a Barron's report from over the weekend, the California State Teachers’ Retirement System has doubled down on its Rivian investment. The California State Teachers’ Retirement System is America’s second-largest public pension in terms of assets.

Finally, Evercore ISI Group analyst Chris McNally initiated coverage on Rivian with an In-Line rating and announced a price target of $35 on Wednesday, citing several catalysts ahead of the EV company. 

Related Link: Expert Ratings for Rivian Automotive

McNally also slapped an In-Line rating on Lucid Group Inc LCID and put an Outperform rating on Fisker Inc FSR.

RIVN Price Action: Rivian has a 52-week high of $123.40 and a 52-week low of $19.25.

The stock was down 1.42% at $31.59 Thursday afternoon, according to Benzinga Pro.

Photo: courtesy of Rivian.