Why Rivian Automotive Stock Popped on Tuesday
Shares of electric truck maker Rivian Automotive (NASDAQ: RIVN) jumped 5% through 10:25 a.m. ET on Tuesday after investment banker Baird reiterated its outperform rating on the stock this morning.
More than just a reiteration, Baird even issued a kind of upgrade, calling the already-recommended electric vehicle (EV) stock a "bullish fresh pick," StreetInsider.com reported this morning.
As analyst Ben Kallo explained, Rivian no longer gives investors detailed updates on its preorders, but management has still indicated that demand for the company's R1S electric SUV remains "robust," with waiting periods to obtain one stretching out as far as a year. R1T electric truck demand is a bit less than that, but still seems strong -- and overall, Rivian expects to enjoy demand exceeding its ability to supply it throughout 2024.
Source Fool.com
