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Why Rivian Stock Moved Higher Monday

TheMotleyFool

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Why Rivian Stock Moved Higher MondayPhoto, wide shot, wide-angle lens, soft focus, Car manufacturer, sunset photo at golden hour, photo by Art Wolfe: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-iZxNvwmEDAT2zuvMswp8MrIk.png?st=2023-05-08T05%3A56%3A42Z&se=2023-05-08T07%3A56%3A42Z&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=2023-05-08T03%3A27%3A06Z&ske=2023-05-09T03%3A27%3A06Z&sks=b&skv=2021-08-06&sig=hpaom2wRNOR4VGolGAMc0MX1MdH9zOmjK0MSBHrfkTo%3D

Rivian Automotive (NASDAQ: RIVN) continues to be one of the more widely followed electric vehicle (EV) start-ups. The stock moved higher today after one analyst reiterated a bullish take on the company and the stock on Friday. It also comes as Rivian's third-quarter update approaches. Rivian stock was up 3.6% as of 3:18 p.m. ET.

Wedbush Securities' Dan Ives remained optimistic Friday on the EV maker's future due to several factors. MarketWatch shared that the analyst has the equivalent of a buy rating on Rivian shares with a stock price target of $45. Ives believes that price is a fairly conservative three times estimated 2025 revenue.

Source Fool.com

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