Investors cheered a strong delivery report that sent the stock soaring, but the company had another plan for that higher price.
If you held Rivian (RIVN) stock on Monday, you had a pretty good day
Shares jumped +8.1%, handily beating the market and even outpacing rival TSLA, which gained +6.7% over the same period. The electric truck maker seemed to have found a higher gear, but the story of the day wasn’t finished when the closing bell rang. What Sparked Monday’s +8.1% Rally?
The momentum came from old-fashioned good news. The market was still digesting Rivian’s Q2 delivery beat from the prior week, which prompted management to raise its full-year delivery guidance to as high as 70,000 vehicles. That vote of confidence was amplified Monday when JPMorgan chimed in, raising its price target on the stock.