Why Rivian Automotive Shares Are Charging Higher Friday

Rivian Automotive, Inc. RIVN shares are charging higher on Friday after Wedbush raised its price target on the stock from $25 to $30.

The Details:

On Friday, Wedbush analyst Daniel Ives maintained coverage on Rivian Automotive  with a Outperform rating and raised the RIVN price target from $25 to $30. 

RIVN shares are trading more than 45% higher over the last five sessions and over 60% higher in the last 30 days.  The stock's recent upward momentum may be attributable to the company’s strong reported deliveries in the second quarter and its charging partnership with Tesla, Inc. TSLA.

According to data from Benzinga Pro, RIVN trading volume on Friday has already breached 72 million surpassing the 100-day average of approximately 30.2 million shares. Also, RIVN has significant short interest with over 16% of available shares currently being sold short.

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RIVN Price Action: According to Benzinga Pro, Rivian shares are trading 13.5% higher at $24.55 at the time of publication.

Image: Courtesy of Rivian Automotive, Inc.