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Rivian Automotive, Inc (NASDAQ:RIVN) shares are trading higher Wednesday. Here's a look at what's going on.
What To Know:
Rivian has filed an application with the Environmental Protection Agency (EPA) to certify its 2025 model year R1T and R1S vehicles. According to a report from Electrek, Rivian has made modifications including a smaller battery and the addition of a heat pump.
Read more about the modifications here.
Rivian announced Wednesday that it has entered into an agreement with Pivot Energy to enable 60 Megawatts of solar energy, including a community solar subscription for its Illinois manufacturing facility. Rivian will purchase Renewable Energy Certificates (RECs) generated from 50 MWdc of solar and will subscribe to 10 MWdc of community solar from Pivot Energy.
“For Rivian, one focused pursuit drives both our business success and positive impact: accelerating the global transition to 100% carbon free transportation and energy,” said Andrew Peterman, Director of Advanced Energy Solutions at Rivian. “Our partnership with Pivot shows how we go one step further by investing in projects that not only deliver additional clean energy to the grid, but also drive positive benefits for communities, conservation and the climate.”
According to data from Benzinga Pro, Rivian shares are trading above the stock’s 50-day moving average of $10.13 and 20.43% of shares are being sold short.
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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 $15.09, representing an expected upside of 42.97%.
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. 3 analysts have bearish recommendations on Rivian Automotive, while 16 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 5.29% at $10.58 at the time of publication Wednesday.
Image: Jarlat Maletych from Shutterstock
Posted In: RIVN
