Rivian Automotive, Inc. (RIVN) saw its stock price plummet 5.01% during intraday trading on Thursday, as multiple analysts revised their price targets downward. The electric vehicle maker faced increased pressure following these adjustments, signaling growing concerns about the company's near-term prospects.

Leading financial firms Mizuho and UBS both lowered their price targets for Rivian. Mizuho reduced its target from $11 to $10, while UBS cut its projection from $14 to $12. Despite the reductions, both firms maintained their Neutral ratings on the stock, suggesting a cautious outlook rather than a strongly bearish stance.

The downward revisions come as Rivian continues to navigate challenges in the competitive electric vehicle market. According to FactSet, the average analyst rating for Rivian remains at "hold," with a mean price target of $14.49. This collective assessment indicates that while there are concerns about the company's immediate future, analysts still see potential for growth, albeit with increased caution.