This $20-$22 range looks like an attractive risk-reward scenario in my opinion. Insider/early investor lockup period expired earlier this week, driving the large sell volume yesterday. Big earnings call tomorrow reporting on a quarter where deliveries were ramping up - expecting a positive market reaction.
For comparison, Rivian's market cap now sits around 19B vs Tesla market cap over 800B. Obviously Tesla is years ahead of Rivian and has the sales and profit to back up a beefier valuation. But if Rivian grows to be even a quarter of the company Tesla is, long term there is major upside here in my opinion.
Near term price target: $32-$36 range by late May Medium term price target: $50+ possible by mid June
Note: This is NOT investment advice. Opinion only.
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For a long term simple options play I am looking at the Jan 2024 $20 calls going for about $10.50