Analyst Cuts Price Target for 2 Electric Vehicle Stocks

Both TSLA and RIVN carry hefty year-over-year losses

Digital Content Manager
Jan 19, 2023 at 2:55 PM
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Rivian Automotive Inc (NASDAQ:RIVN) and Tesla Inc (NASDAQ:TSLA) are under pressure, after Deutsche Bank slashed the former's price target to $28 from $43, and the latter's to $220 from $250. The analyst in question expects auto names to issue mixed fourth-quarter results and 2023 guidance, amid industry and macroeconomic challenges.
 

Last seen down 1.1% at $127.42, Tesla stock's recent rally of its Jan. 6, two-year low of $101.81 yesterday lost steam at the $136 region. The 40-day moving average has been pressuring the security since late September, contributing to TSLA's 61.4% year-over-year deficit.

Nevertheless, short-term options traders remain firmly bullish. This is per Tesla stock's Schaeffer's put/call open interest ratio (SOIR) of 0.74 , which ranks higher than 4% of readings from the last 12 months, meaning these traders have rarely been more call-biased. 

Meanwhile, Rivian Automotive stock is down 4.3% at $15.79, after earlier hitting a record low of $15.28. The 20-day moving average has consistently pressured shares lower since November, while a ceiling formed at the $19 level over the last couple of weeks. In the last 12 months, RIVN has shed 77.3%.

Short sellers are piling on RIVN, with short interest up 8.1% in the two most recent reporting periods. The 46.76 million shares sold short now account for 6.6% of the stock's available float. 

 

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