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

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released!

Special Offers from Schaeffer's Trading Partners