Rivian Automotice Inc (RIVN) Stock News & Forecast: Can Rivian Break $ 100?
- Rivian (RIVN) stock is expected to rise above $ 100 on Monday.
- Risk sentiment remains negative and Rivian is a risky name.
- Rivian (RIVN) stock is still well above its IPO price of $ 78.
Rivian (RIVN) fell another 5% on Friday and the stock is now on the verge of going above $ 100. That still leaves the stock well above its IPO price of $ 78, but it’s a decent drop from highs slightly below $ 180. High-risk names were hit particularly hard in this latest market liquidation. Bitcoin has had a hectic weekend and it looked like it could go above $ 40,000, but the level held steady. This can be an early sign that risk assets are stabilizing, but we would rather have a few more signals before we come back. Markets remain nervous about the new covid variant and at such high levels a sell off was long overdue. However, the Santa Claus rally is a notorious feature of stock market performance, so now is an important time to decide when or if to revert to these risky names.
Rivian stock market news (RIVN)
Rivian (RIVN) received a few noted research mentions today as the post IPO blackout draws to a close. Wedbush analyst Daniel Ives sets a target of $ 130 for Rivian with an outperformance rating. “With the popularity and consumer demand for electric vehicles in the trucking / SUV market, we believe Rivian is in the catbird’s place to take a sizable market share in this electric vehicle arms race under the leadership of its CEO and visionary founder RJ Scaringe, “…” We see Rivian’s story as a game changer for the electric vehicle market. Mizuho also came out this morning with a buy rating on Rivian and a price target of $ 145. RBC started off with an outperformance rating and a price target of $ 165 while JPMorgan started off with a neutral rating and a price target of $ 104.
Separately, the UK is trying to attract Rivian. Sky News reports that British Prime Minister Boris Johnson has pledged legal aid when Rivian comes to the UK. According to the report, the UK government would use a special development order to help build a new manufacturing plant in Bristol.
Rivian Stock Forecast (RIVN)
$ 100 is probably too tempting not to at least not be tested on Monday. Unless something changes the feeling that remains risk averse for now. This would likely lead to a halt in the hunt, which could speed things up. However, we believe seasonality and a rebound are expected before the end of the year. The riskier names should therefore outperform in this scenario. While support is limited to the psychological $ 100, resistance is at $ 118 from the checkpoint since the IPO and above at $ 127 from the volume weighted average price (VWAP) since the IPO. Initial Public Offering. If the market stabilizes, look for risky assets to recover, then retreat, but still use a stop. Better to be a little too late for these types of dynamic movements than too early. This will give time to look for other names for confirmation and then technical indicators should start to support the argument.