Why Rivian Stock Popped 3.8% on Friday
Shares of electric vehicles manufacturer Rivian Automotive (NASDAQ: RIVN) got a 3.8% jump-start on Friday through 10:55 a.m. ET. You can thank investment banker Piper Sandler for that.
Last night, after close of trading on a day when Rivian stock got clobbered for an 8% loss, Piper Sandler stepped in to save the day -- upgrading Rivian stock to an overweight rating and upping its price target on the EV stock to $21 per share.
StreetInsider.com covered this story last night. As the ratings-watcher described, Piper Sandler rehashed most of the arguments in favor of Rivian stock that other analysts laid out last week: Rivian has a new electric SUV in the works -- the R2 -- and surprised investors by announcing a second new vehicle, the R3 electric hatchback, to arrive after that. Sixty-eight thousand buyers have already pre-ordered the new R2, which, at $45,000 a pop, costs a lot less than Rivian's existing R1T or R1S.
Source Fool.com
