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Wall Street sets Rivian (RIVN) stock price for the next 12 months

Wall Street sets Rivian (RIVN) stock price for the next 12 months

Rivian (NASDAQ: RIVN) has faced several challenges over the past year, including the need to conserve cash, layoffs, and mounting costs. 

But the company’s shares edged higher in after-hours trading Tuesday, May 8, after it announced its Q1 loss was narrower than anticipated and reiterated its production target for 2023 of 50,000 vehicles. 

Meanwhile, based on 24 analyst views in the past three months, RIVN is currently rated as a ‘Buy’ on TradingView. Notably, 12 financial experts are advising a ‘Strong Buy,’ 2 recommending a ‘Buy,’ and 8 believe the stock is a ‘Hold.’ Only 2 analysts rated the stock as a ‘Sell’ and ‘Strong Sell.’

For the following 12 months, RIVN is expected to reach an average price target of $24.35, based on forecasts from 20 experts on Wall Street. This marks a potential upside of more than 75% from the stock’s current levels. 

12-month stock price forecast for RIVN. Source: TradingView

The bullish predictions come despite Rivian’s plans to terminate its deal requiring it to produce electric vans exclusively for Amazon (NASDAQ: AMZN). 

RIVN price analysis

Over the past month, Rivian’s stock oscillated in a significant trading range of $11.82 to $14.96. 

The automaker’s shares have dropped nearly 5% from a month ago and are down over 26% since the start of 2023. RIVN has notably underperformed the broader S&P 500 index, which has risen more than 7.7% year-to-date.

RIVN price data for the past month. Source: TradingView

Following yesterday’s jump after-hours, Rivian shares were trading at $14.62 at press time, down 64% from its 52-week high of $40.86. 

Rivian Q1 earnings

The US electric vehicle (EV) maker reported an adjusted loss per share of $1.25, compared to Wall Street estimates of $1.59 per share. 

Revenue came in at $661 million in the quarter, topping the consensus projection of $652.1 million. The company’s net loss stood at $1.35 billion at the end of the quarter, or $1.45 per share, down from $1.59 billion, or $1.77 per share, in the same quarter last year. 

Total revenue rose year-over-year from $95 million, Rivian said in the earnings report. 

Rivian’s EV rivals, including Nikola (NASDAQ: NKLA), Fisker (NYSE: FSR), and Lucid (NASDAQ: LCID), all posted earnings that trailed Wall Street expectations this week. 

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