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Why Rivian Automotive Stock Pushed Higher Today

TheMotleyFool

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Why Rivian Automotive Stock Pushed Higher TodayPhoto, wide shot, wide-angle lens, soft focus, Car rental company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Edward Burtynsky: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-C39HK7mRtkD4E8dIGhNKdJKJ.png?st=2023-05-14T13%3A30%3A04Z&se=2023-05-14T15%3A30%3A04Z&sp=r&sv=2021-08-06&sr=b&rscd=inline&rsct=image/png&skoid=6aaadede-4fb3-4698-a8f6-684d7786b067&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2023-05-13T20%3A57%3A44Z&ske=2023-05-14T20%3A57%3A44Z&sks=b&skv=2021-08-06&sig=c7kEiWtHt1KibrlL7jP9uEmEuV%2BuAnv1nRBACXoedSk%3D

Stocks in the electric vehicle (EV) sector are on the move today. That includes shares of Rivian Automotive (NASDAQ: RIVN). Its stock pushed more than 6% higher, and remained up by 3.5% as of 12:10 p.m. ET.

But that move was notably weaker than many other stocks in the sector. This is because of news of another capital raise for Rivian.

Today's move higher was more associated with more general economic news that is pushing most growth stocks higher. But it's the news from Rivian of a new borrowing plan that is tempering the gains in Rivian stock.

Source Fool.com

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