Why Rivian Stock Is Soaring Today
Rivian Automotive (NASDAQ: RIVN) stock surged this morning and rallied as high as 9.6% as of 11:10 a.m. ET. The hot electric vehicle (EV) stock cooled off a bit as the day progressed but was still trading 6.5% higher as of 1:30 p.m. ET Thursday.
With Rivian shares sinking lower and lower in recent weeks, investors perhaps believe the worst might be over and were therefore buying the beaten-down stock one day ahead of earnings.
Just yesterday, Rivian was in the news for all the wrong reasons. Barclays analyst Brian Johnson slashed his price target on Rivian stock by nearly 60% to $47 a share as he sees margin pressure on the company driven by rising costs of raw materials. Rivian stock closed Wednesday at $42.21 a share.
Source Fool.com
