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Why Rivian Stock Bounced Back on Thursday

TheMotleyFool

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Why Rivian Stock Bounced Back on ThursdayPhoto, wide shot, wide-angle lens, soft focus, Car rental company, sunset photo at golden hour, photo by Art Wolfe: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-Ew7cRec38UnlyYzs41FVEri5.png?st=2023-12-29T14%3A03%3A41Z&se=2023-12-29T16%3A03%3A41Z&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=2023-12-29T15%3A03%3A25Z&ske=2023-12-30T15%3A03%3A25Z&sks=b&skv=2021-08-06&sig=vZPI3wL5I%2BC5Zknik6hYtwmYdTdsE1ct/DM1evRA8EI%3D

No sooner had the news broke that electric truck start-up Rivian Automotive (NASDAQ: RIVN) has suffered another fire at its Illinois factory, than the second shoe dropped: Investment bank D.A. Davidson just started coverage of Rivian stock with an underperform rating and a $24 price target that implies it could fall as much as 24%.

But instead of going down today, Rivian stock was up 7.7% as of 1:40 p.m. ET. Bad news, and a stock goes up? How does that work?

A Rivian R1T electric pickup. Image source: Rivian.

Source Fool.com

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