Electric vehicle stock Rivian (NASDAQ:RIVN) hasn’t exactly had a great run lately. Its latest earnings report could only charitably be called “mixed,” and one of the high points of its reporting is that it’s on track to produce its target goal of vehicles. How many it will sell, however, remains elusive. Yet, there are those who see an upward track for Rivian ahead, and that optimism is infectious. Infections enough, in fact, to send Rivian shares up over 4% at the time of writing.
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Several analysts recently came out at least somewhat in favor of Rivian following its earnings report. Dan Levy of Barclays may have been the strongest voice, noting that while Rivian was “not out of the woods yet,” he did acknowledge that “the worst has passed.” That may be debatable, given that Rivian posted negative earnings and only managed to squeak out a win by virtue of the fact that the loss wasn’t as bad as analysts expected.
Nevertheless, there are some positive signs. Indeed, Rivian has already made great advances with Amazon (NASDAQ:AMZN), bringing an all-electric fleet of delivery vehicles to bear. And now, there are signs that Rivian is looking beyond Amazon for customers. While Rivian is limited by agreements with Amazon right now, that exclusivity won’t last forever. When it ends, Rivian plans to hit the ground running, and that’s a great sign for investors.
Meanwhile, analysts are somewhat split on Rivian’s overall future. Consensus currently ranks Rivian stock as a Moderate Buy, thanks to 11 Buy ratings, six Holds, and one Sell. Plus, Rivian stock also offers 68.09% upside potential thanks to its average share price of $24.39 per share.
