Folks,

Rivian’s stock had quite the exciting two weeks, running from $13.3 to $25.6 for around a 92% gain…

Naturally this has people wondering…..what is going on with the stock? There are a few key factors that have likely contributed to Rivian’s strong bullish sentiment. 

The company recently announced that customers will have the opportunity to utilize 12,000 Tesla Superchargers in the United States and Canada by spring 2024. This is a big deal because Tesla’s Superchargers make up approximately 60% of the overall fast chargers in the US (according to the U.S. Department of Energy). 

While the stock showed some bullish sentiment on this news, it was not finished there…

On July 3rd, Rivian announced Q2 production and delivery figures. The company produced 13,992 vehicles and delivered 12,640, surpassing the consensus expectation of 11,300 deliveries. In addition, Rivian expressed confidence in meeting its previous guidance of 50,000 annual vehicle deliveries.

Rivian/Facebook

Not only did the company beat on expectations, but the numbers reported were some of the best in Rivian’s history, so naturally investors were excited.

Two days later, Amazon revealed its plans to introduce the first fleet of Rivian vans in Germany, as part of its long-term strategy to electrify its transportation network. The initial deployment will consist of 300 electric vans, operating in the Munich, Berlin, and Düsseldorf regions. These vans are part of the 100,000-vehicle order that Amazon placed with Rivian back in 2019. 

Rivian

These factors played an important role in attracting analyst attention over the past few weeks. For example, D.A. Davidson upgraded RIVN from Underperform to a Neutral rating, while a Needham analyst reiterated a Buy rating on Rivian while raising their price target from $26 to $28.

Analyst coverage likely contributed to the bullish sentiment in ways that wouldn’t have been possible solely by news catalysts alone…

Until Next Time,