Barclays downgrades RIVN from 'overweight' to 'equal weight'
shares of Electric vehicle (EV) Giant Rivian Automotive Co., Ltd. (NASDAQ:RIVN) The stock is trading 4% lower at $16.20 after Barclays announced a bear market. The analyst downgraded RIVN's rating from “overweight” to “equal weight,” and lowered his price target by $16 from $9, citing weak demand. “This is not enough to avoid signs of a surge.” Widespread EV slowdown. ”
RIVN started the year in the red with four straight weekly losses and a 29% deficit since the start of the year.It could get even worse considering the majority of analysts remains bullish, leaving room for optimism to ease. At last check, 16 companies were recommending Rivian Automotive stock at a “buy” or higher coverage rating, and 7 companies were recommending it at a “hold” rating. Additionally, the average 12-month price target of $26.64 is 53.4% above Friday's closing price, leaving room for further reductions.
Similarly, options traders are also typically more optimistic, meaning any change in sentiment is likely premature. At International Stock Exchange (ISE), CBOE Options Exchange (CBOE), Nasdaq OMX PHLX (PHLX), the stock’s 10-day call/put volume ratio of 4.87 is higher than 93% of its readings over the past year. .
If you want to speculate using options, please take advantage of it now.of stocks Schaefer's Volatility Scorecard (SVS) A score of 82 out of 100 indicates that the stock typically beats volatility expectations.
