Why Rivian Stock Jumped Again Today
Shares of Rivian Automotive (NASDAQ: RIVN) are rising yet again today. The stock of the electric truck and van manufacturer has already risen for the past seven days. Today's jump comes as one prominent analyst updated his firm's price target. The stock was higher by 11.2% as of 10:15 a.m. ET on Friday.
The stock's momentum has been driven by the company's recent second-quarter production and delivery update. After struggling with supply chain issues last year, Rivian said its deliveries increased 60% just from the first quarter to the second quarter. That has prompted Wedbush analyst Dan Ives to note that Rivian is "making a major turn toward executing on its longer-term business model" in a report shared by Barron's.
Source Fool.com
