was up on Friday after the electric vehicle maker’s share price target was raised by an analyst who said the company was “making a major shift
towards executing its longer-term business model.
Wedbush analyst Dan Ives raised his price target on
(ticker: RIVN) at $30 from $25 on Friday and maintained its outperformance rating on the stock.
“We believe that after a number of ‘one step forward, two step back’ apologies for
Rivals and supply chain headaches, the company is finally making a major shift
towards executing its longer-term business model,” Ives said.
Rivian announced earlier this week that it manufactured 13,992 electric vehicles in the second quarter and sold 12,640 units. It was a major jump from the 9,395 vehicles produced and 7,946 sold in the company’s first quarter.
Investors were happy to see Rivian posting growth in production and sales, especially after first quarter production and shipments fell from the fourth quarter of 2022. If Rivian closes in the green on Friday, it would mark the eighth straight session of winning the title. It jumped 76% over this period. That would be the title’s longest winning streak since September 2022 and its best eight-day streak on record, according to Dow Jones Market Data.
“After quarters of disappointing production slowdowns, supplier issues and what looked like a continued hiccup situation, Rivian now appears to have its production and supply chain issues well under control, with a focus on handing over deliveries to eagerly awaiting customers,” said Ives.
Shares of Rivian rose 9.2% on Friday to $23.60, which would mark the stock’s highest close since December 2022. Rivian is up 28% this year.
Write to Angela Palumbo at firstname.lastname@example.org