Electric Vehicle Stock Surges on Strong Production Data

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

Digital Content Manager
Oct 4, 2022 at 9:55 AM
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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. 

 

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