A Closer Look At The Recent Move In Rivian Stock

Rivian Automotive RIVN has been on an impressive run lately. Over the last month, shares of the EV automaker are up 36.40%. Just several days ago, the stock was negative YTD. However, after the recent surge higher, shares are now in the positive, up 6.13% YTD. Up close to 20% over the last five days and trading near a substantial level of resistance, is now the time to invest in RIVN, or should investors wait for further confirmation and price stability?
Rivian Automotive is an EV manufacturer focused on pickup trucks and SUVs. The company is among the greenest EV makers, aiming to achieve carbon neutrality well ahead of the Paris Climate Accord timeline. Rivian offers five-passenger pickup trucks and sports utility vehicles under the R1T and R1S labels. The company was founded in 2009 and is based in San Jose, California.

The Recent Move In Rivian

Rivian Crushed Q2 Delivery Estimates

In the year's first quarter, the EV company produced 9,395 vehicles and delivered 7,946. The company commented that it was off to a slow start for the year as it made changes to its assembly line.
Those early growing pains and changes are now paying off. For the second quarter of the year, Rivian produced 13,992 EVs, an increase of 48% from the previous quarter. The company delivered 12,640 vehicles during the same period. The company commented that those figures remain in line with its expectations and believe it is on track to deliver on the 50,000 annual production guidance previously provided.

Analysts See Upside 

Analysts are bullish on Rivian, with a consensus rating of Moderate Buy, based on 17 analyst ratings. The consensus price target is $28.05, predicting a 42.04% upside in the stock. Month over month, that price target has increased slightly from $27.74. Among the 21 analyst ratings, 11 are Buy, 5 are Hold, and 1 is Sell. The recent change in the consensus price target represents the first time since its IPO that the price target has increased MoM.