Electric Vehicle Stock Surges on Strong Production Data

Year-to-date, though, RVN remains down over 69%

Fernanda Horner

Digital Content Manager

Oct 4, 2022 at 9:55 AM

RIVN
TSLA

Rivian Automotive Inc (NASDAQ:RIVN) is showing up electric vehicle (EV) rival Tesla (TSLA) today, after announcing it produced 7,363 vehicles in the third quarter. This signifies a 67% jump from the previous quarter, with the company also reaffirming its full-year production target of 25,000 EVs. In response, RIVN was last seen up 6.5% to trade at $33.96.

The $30 level was a floor for the shares since July, while the $40 region rejected two rallies since August. Rivian Automotive stock also has support from the 100-day moving average, but still carries a hefty a 69.2% year-to-date deficit.

The brokerage bunch already leans bullish towards RIVN, with 10 of 16 firms in question sporting a "buy" or better rating. Plus, the 12-month consensus target price of $53.13 is a 55.3% premium to current levels.

Meanwhile, short sellers have been hitting the exits, with short interest down 7.8% in the last two reporting periods. The 43.03 million shares sold short still make up a healthy 6.1% of RIVN's available float, though.

Follow @Schaeffers

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!