Wedbush analyst Dan Ives cut his price target to $25 from $32. He maintained his Buy rating on shares.
Rivian Automotive has had a big high and a big surprise in the past week—and Wall Street isn’t happy about it.
Then, on Thursday, Rivian announced it was selling $1.5 billion in convertible notes to raise additional cash. Shares dropped almost 23%. “One step forward, two steps back is a theme for Rivian,” wrote Wedbush analyst Dan Ives in a Monday report. He called the capital raise a gut punch. The company’s “Street credibility takes another hit.”In Monday trading, the stock was down 5.5%, to $17.88 a share. The S&P 500 and Nasdaq Composite were down 0.4% and 0.8%, respectively.
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