What's Going On With Rivian Automotive Stock?

Apr 29, 202416:37 UTC

Rivian Automotive, Inc. RIVN shares are trading higher Monday. The company revealed its next-generation Rivian Adventure Network DC fast charging network on Friday.

What To Know:

Rivian plans to begin opening its fast-charging network to other EVs later in 2024 and showcased a prototype of its new, in-house charger.

The new charger is taller and features a longer cable to accommodate differences in vehicle charging port placement and will deliver rapid charging to both 400 and 800-volt packs and feature CCS connectors with support for North American Charging Standard (NACS)-equipped vehicles with an approved adapter. Support for native NACS, also known as SAE J3400, will come with a future hardware update.

"Rivian exists to address two specific needs, the electrification of our transportation system and supporting the transition of our power grid to carbon-free energy sources," said Paul Frey, Rivian Vice President of Battery, Charging, and Adventure Products. "By broadening access to our Rivian Adventure Network—powered by 100% renewable energy—we are supporting both of these critical goals while also encouraging more people to embark on their next adventure in an EV."

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RIVN Stock Prediction 2024:

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Rivian Automotive have an average 1-year price target of $15.65, representing an expected upside of 69.37%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. 3 analysts have bearish recommendations on Rivian Automotive, while 14 analysts have bullish ratings. The street high price target from Evercore ISI Group is $25, while the street low from UBS is $8.

RIVN Price Action: According to Benzinga Pro, Rivian Automotive shares are up 2.93% at $9.30 at the time of publication Monday.

Image: Courtesy of Rivian Automotive, Inc.