Shares of EV maker Rivian (NASDAQ:RIVN) are flying higher today on the back of its impressive third-quarter numbers.
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The company’s third-quarter performance was marked by an increase in the number of reservations and a production ramp-up.
The positive development comes fresh on the heels of Amazon (NASDAQ:AMZN) expanding the use of Rivian vehicles to over 100 cities in the U.S. The two companies are aiming to have 100,000 such vehicles on road by 2030.
Moreover, today, Rivian stock has scored three Buys from analysts. While Canaccord Genuity’s George Gianarikas has a $55 price target on the stock, Deutsche Bank’s Emmanuel Rosner has a $43 price target on Rivian.
Gianarikas notes that in tough macro conditions, demand remains robust and the company is increasing production while also improving on product quality.
While overall, the Street still remains cautious on the stock with a Moderate Buy consensus rating, the average analyst price target of $48.79 still points to a massive 73.82% potential upside in the stock.
After falling nearly 73% year-to-date, things may be looking up for Rivian shares. At the same time, short interest still remains high at 9.6% in the stock.
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