Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading lower Tuesday. The stock appears to be pulling back after gaining nearly 15% over the last 30 days.
What To Know:
Shares of electric vehicle companies are being watched closely as the United Auto Workers (UAW) strike against the Big Three automakers, Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM) and Stellantis (NYSE:STLA) continues.
Some analysts and investors believe that the non-traditional automakers could benefit as the BIG Three face a lack of production, increased costs and delays in transitioning EV manufacturing.
Last Wednesday, UBS analyst Joseph Spak initiated coverage on Rivian Automotive with a Neutral rating and announced a price target of $26.
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RIVN Price Action: According to Benzinga Pro, Rivian Automotive shares are down nearly 7% at $22.06 at the time of publication.
Image: Courtesy of Rivian Automotive, Inc.
