Why Rivian Stock Is Charging Higher Today
Investors continue to keep the pedal to the metal with Rivian Automotive (NASDAQ: RIVN) stock. Climbing higher in today's trading session, shares of Rivian are poised to log their ninth consecutive day of gains. While the electric vehicle company hasn't reported anything to drive the gain, an analyst's optimistic outlook on Rivian's stock is powering investors' enthusiasm.
As of 12:57 p.m. ET, shares of Rivian are up 2%, retreating from their earlier rise of 7.6%.
Growing increasingly bullish on shares of Rivian, Dan Levy, a analyst, hiked the stock's price target to $30 from $22, maintaining an overweight rating on the stock. Based on Friday's closing price of $24.70, Levy's price target implies upside of about 34%. Levy's expectation of where Rivian's stock is headed is consistent with another recent analyst's price target of $30 that was reported on Friday.
Source Fool.com
