Rivian's Delivery Win Pushes Stock Higher

The equity is up just over 6% in 2023

Jake Scott

Deputy Editor

Jul 5, 2023 at 9:13 AM

TSLA
RIVN

Following Tesla's (TLSA) blockbuster delivery figures, electric vehicle (EV) peer Rivian Automotive Inc (NASDAQ:RIVN) announced its own better-than-expected numbers. The company delivered 12,640 vehicles in the fiscal second quarter, a 59% increase from last quarter and well above analysts' expectations of 11,000 deliveries.

RIVN is surging in premarket trading, last seen up 5.7% after an upgrade from D.A. Davidson to "neutral" from "underperform," as well as a price target hike to $18 from $11. Needham raised its price objective to $28 from $6 as well. Rivian Automotive stock added 17.4% on Monday to close at its highest level since February and reclaimed its 160-day moving average. Year-to-date, the shares sport a modest 6.1% lead.

Options traders are more call-biased than usual. Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 50-day call/put volume ratio of 3.83 sits higher than 96% of readings from the past year.

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