Rivian Stock Prediction Cnn

Rivian Stock Soars on Wall Street Debut

Electric Vehicle Maker Delivers Strong Performance

Average Price Target of $173

Rivian Automotive, the electric vehicle maker backed by Amazon and Ford, made its Wall Street debut on Wednesday with a strong performance. The stock opened at $106.75 per share and closed at $122.99, a gain of more than 15%. This gives the company a market capitalization of around $100 billion.

Rivian's strong debut is a sign of the growing investor interest in electric vehicles. The company is seen as one of the leading players in the emerging EV market, and its vehicles have been well-received by critics. Rivian plans to use the proceeds from its IPO to fund its expansion plans, including the construction of a new factory in Illinois.

Analysts are generally bullish on Rivian's prospects. The 23 analysts with 12-month price forecasts for Rivian Automotive stock have an average target of $173, with a low of $100 and a high of $250. This suggests that analysts believe Rivian's stock has the potential to continue to grow in the coming months.

However, some analysts have expressed concerns about Rivian's valuation. The company is currently trading at a significant premium to its peers, and it is unclear whether it can sustain this valuation in the long term. Additionally, Rivian faces competition from a number of well-established automakers, including Tesla, General Motors, and Ford.

Despite these concerns, Rivian's strong debut is a sign of the growing investor interest in electric vehicles. The company is well-positioned to capitalize on this trend, and its stock is likely to continue to be closely watched by investors.