Rivian Automotice Inc (RIVN) Stock News and Forecast: Can Rivian break $100?

Rivian (RIVN) stock is likely to break $100 on Monday.
Risk sentiment remains negative and Rivian is a risky name.
Rivian (RIVN) stock is still way above its $78 IPO price.

Ivan Brian FXStreet

Rivian (RIVN) fell another 5% on Friday and the stock is now poised to breach $100. That still leaves the stock some way above its IPO price of $78 but is a decent fall from the highs just under $180. High-risk names have been especially hit in this latest market sell-off. Bitcoin had a shaky weekend and it looked like it may break $40,000 but the level held. This may be an early sign that risk assets are stabilizing but we would rather have a few more signals before jumping back in. Markets remain nervous over the new covid variant and at such elevated levels a sell-off was long overdue. However, the Santa rally is a noted feature of equity market performance so the timing is important for deciding when or if to return to these risker names.

Rivian (RIVN) stock news

Rivian (RIVN) has caught a few noted research mentions today as the post IPO blackout period comes to an end. Wedbush analyst Daniel Ives sets a target of $130 for Rivian with an outperform rating. "With the popularity and consumer demand for EVs on the trucking/SUV market, we believe Rivian is in the catbird's seat to take considerable market share in this EV arms race under its visionary CEO and founder RJ Scaringe,"..."We view the Rivian story as a game changer for the EV market." Mizuho is also out this morning with a buy rating on Rivian and a $145 price target. RBC has initiated with an outperform rating and a $165 price target while JPMorgan starts with a neutral rating and a $104 price target.

Separately, the UK is trying to lure Rivian. Sky News reports that UK Prime Minister Boris Johnson has promised legal help with Rivian coming to the UK. According to the report, the UK government would use a special development order to help with the construction of a new manufacturing plant in Bristol.

Rivian (RIVN) stock forecast

$100 is likely to be too tempting not to at least be tested on Monday. Unless something happens to change sentiment which remains risk averse for now. That would likely lead to some stop hunting which could accelerate matters. However, we do feel seasonality and a bounce are due before year-end. Riskier names should therefore outperform in that scenario. While support is limited to the psychological $100, resistance is at $118 from the point of control since IPO and above that at $127 from the volume-weighted average price (VWAP) since IPO. If the market stabilise look for risk assets to rally and then jump back in but always use a stop. It is better to be slightly too late to these types of momentum moves than too early. That will give time to look to other names for confirmation and technical indicators should then begin to back up the argument.

Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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