Why Is Rivian Automotive Stock Trading Higher Today?

Rivian Automotive RIVN shares are trading higher on Wednesday after Needham gave a positive Q1 deliveries outlook ahead of the company's deliveries report.

According to an article from Benzinga, based on the Kelley Blue Book sales data gathered from the state Registry of Motor Vehicles, 8,145 Rivian vehicles were registered in the first quarter of this year. This information was shared by analyst Chris Pierce, who referred to Cox Auto's first-quarter 2023 "Industry Insight Calls." The number of registrations exceeded the consensus estimate of 7,167 vehicles, as reported by Pierce.

The analyst also noted that first-quarter used vehicle data showed that fewer used Rivian vehicles were on sale relative to Lucid Motor Group LCID and Ford Motor Co.’s F Lightning EV pickup truck, which is a direct competitor to Rivian’s R1T pickup truck.

Analyst Update: Needham reiterated Rivian Automotive with a Buy and maintained a $26 price target.

Rivian Automotive is an American electric vehicle manufacturer and automotive technology company founded in 2009.

RIVN Price Action: Rivian has a 52-week high of $56.71 and a 52-week low of $12.58.

Rivian shares are up 9.63% at $14.21 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Rivian.