Why Rivian Stock Jumped Friday
Rivian Automotive (NASDAQ: RIVN) stock is ending the week on a winning streak. Shares of the electric vehicle (EV) maker surged 6.6% higher on Thursday, and as of 1:10 p.m. ET Friday, the stock was up by a further 4.5%.
Some of that upward momentum comes from speculation that the U.S. government might be making a large EV purchase. But Rivian investors are also focused on the quarterly report coming from the company next week.
One catalyst for the stock's gains this week came after reports surfaced Thursday about a potential $400 million purchase of armored electric vehicles by the U.S. State Department. While that purchase has reportedly been in the planning stages since early last year, indications that Cybertrucks were the focus of that transaction brought the story to the forefront again Thursday.
Source Fool.com
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