Why Rivian Stock Bounced Higher Today
Shares of Rivian Automotive (NASDAQ: RIVN), the company that aims to become the Tesla of electric trucks, were trading 7.7% higher as of 12:15 p.m. ET Monday, responding both to positive news from a peer EV company, and (sort of) positive news from Wall Street.
On Monday morning, China's Li Auto (NASDAQ: LI) released a powerful Q4 earnings report that featured better-than-expected deliveries, sales, earnings, and free cash flow, as it nearly tripled its output of electric cars in China. Rivian and other EV stocks are all responding to the news. Rivian also benefited from receiving a couple of somewhat optimistic price target adjustments from a pair of Wall Street analysts.
Rivian delivered its own fourth-quarter report last week, and in twin announcements Monday morning, investment banks and Stifel both responded by cutting their price targets on the stock. The EV maker, if you recall, reported better-than-expected sales for the quarter, but worse-than-expected losses. What really upset investors, though, was Rivian's announcement that it delivered just over 57,000 vehicles in 2023 ... and its forecast that it expects to deliver 57,000 vehicles in 2024 as well.
Source Fool.com
