$Rivian Automotive (RIVN.US)$ declined after lower production forecast in 2022. Price is now lower than opening trade on IPO day. The company is saying that it will be falling short of its 2021 production target of 1200 by a few hundred vehicles due to supply constraints. Other automakers have also talked about supply chain issues in the past.
Analysts are still bullish on the stock. RBC and WedBush Securities have price targets of $165 and $130. Average PT is $135. This is a supply issue and clearly not a demand issue. And its affecting other automakers too. This pullback may be a good opportunity to buy.