Rivian Debuts on Wall Street Amidst Mania
Electric Vehicle Maker Backed by Amazon and Ford
Analysts Project Average Price Target of $173
Rivian Automotive, the electric vehicle maker backed by Amazon and Ford, made its Wall Street debut on Wednesday amidst fervent anticipation that would befit a much larger company. The stock's opening price of $100.73 per share was well above its initial public offering (IPO) price of $78, and it closed the day at $100.05 per share.
The company's IPO raised $11.9 billion, making it one of the largest IPOs in recent history. Rivian is now valued at more than $100 billion, which is more than the valuations of General Motors and Ford combined.
Analysts are bullish on Rivian's prospects, with an average 12-month price target of $173. However, some analysts have expressed concerns about the company's valuation and its ability to meet production targets.
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