Rivian stock doubled from lows, receiving positive reactions in the market.

From Nasdaq, Inc.: 2024-07-11 14:42:49

2024 was a tumultuous year for electric vehicle (EV) stocks. Rivian and Lucid Motors hit record lows before rebounding, while Tesla struggled until recently. However, Tesla has since recovered and is now in the green, with Rivian more than doubling from its lows.

Rivian stock surged due to a rally in EV stocks, a strategic partnership with Volkswagen, better-than-expected Q2 deliveries, and improved valuations. Analysts raised target prices, with a mean target price of $17.36. Rivian received positive reactions in the market amidst positive developments.

Rivian’s potential for growth lies in its pivot to affordable cars, upcoming models, and strategies to achieve profitability. The company expects to turn positive gross profit in Q4 and reach positive EBITDA in 2027. Rivian’s CEO aims for a free cash flow margin of 10% in the long term, emphasizing profitability.

Rivian’s attractive product offerings and strong balance sheet make it a standout in the EV sector. The company’s models have received favorable reviews, further strengthening its position in the market. Despite short-term overbought indicators, Rivian remains a promising long-term investment based on its valuations.



Read more at Nasdaq, Inc.: Rivian Stock Forecast: After Doubling Since April, Can RIVN Continue to Go Up in 2024?