Why Rivian Rose Today
Shares of electric vehicle (EV) upstart Rivian Automotive (NASDAQ: RIVN) were rising on Monday, up 6.4% as of 1:27 p.m. ET.
The rise appears to be attributable to a fellow electric vehicle competitor's big move. EV rival Fisker rose more than 30% at one point this morning, thanks to its earnings release and projection for positive 2023 earnings before interest, taxes, depreciation, and amortization (EBITDA).
Therefore, investors may be looking forward to Rivian's release tomorrow, in which it may share some positive news as well. In addition, Rivian is bouncing off of a bad week in which many growth stocks were sold off due to fears over inflation and interest rates. Finally, Rivian received two different opinions from Wall Street analysts last Friday -- one positive, but another more muted.
Source Fool.com
