Shares of Rivian (NASDAQ:RIVN) are enjoying a day in the green after a major influential figure picked up shares of the electric vehicle (EV) company. A quarterly 13F filing revealed that acclaimed investor George Soros had purchased 19.8 million shares of RIVN stock. The shares were purchased through Soros Fund Management, which is a family office. In total, the purchase amounted to roughly $2 billion. As a result, investors are seeking out RIVN stock price predictions today.
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According to Whale Wisdom, RIVN stock is now Soros’ largest public equity holding. The EV maker accounts for a whopping 28% of Soros’ equity portfolio. In total, Soros Fund Management has 13F assets under management of $7.3 billion. Through this purchase, Soros demonstrates his bullish stance on RIVN stock.
However, Soros is currently sitting on a massive loss. As of Friday’s close, the initial $2 billion stake is now worth an estimated $1.17 billion. This is because Rivian has declined more than 35% year-to-date, with potential prospects hurt by the global chip shortage and supply chain issues. Moreover, the company also fell short of its 2021 production goal of 1,200 EVs by “a few hundred vehicles.” Additionally, Rivian is down more than 60% from its 52-week high of $179.
With Soros aboard the Rivian express, investors are wondering how Wall Street feels about the EV maker. Let’s jump right in to RIVN stock price predictions.
RIVN Stock Price Predictions: What’s Next for Rivian?
- RBC Capital has a price target of $165. Analyst Joseph Spak believes that Rivian will be able to sustain a 50% compounded annual growth rate (CAGR) through 2030. The analyst adds that Rivian’s “clean-sheet approach” and technology will allow Rivian to eventually use its vehicles as a platform for “higher-margin software & services.” Additionally, Rivian is seen by RBC as one of the top EV and growth plays for 2022.
- Tigress Financial has a price target of $147. Analyst Ivan Feinseth touts Rivian’s “business model and ecosystem,” “innovative and exciting product line,” and ancillary services as evidence for his bullish investment thesis. On top of that, Feinseth believes that Rivian’s modular design platform has the potential to expand its product line and create additional streams of revenue.
- Mizuho has a price target of $145. Analyst Vijah Rakesh points out that Rivian is currently in a global expansion phase. Furthermore, the EV maker is ramping up production and preparing for an European expansion. Finally, Rakesh concludes that Rivian is well-positioned to take advantage of the “long-term secular EV roadmap.”
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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