What's Going On With Rivian Stock?

Rivian Automotive Inc RIVN shares are volatile Monday. The stock is up more than 20% over the last week and nearly 75% over the last month. Here's a look at what has been driving the action.

What Happened: Rivian shares began picking up momentum at the end of June amid strength across EV stocks. The rally accelerated at the beginning of July after the company reported second-quarter production and delivery numbers.

Rivian said it produced 13,992 vehicles in the second quarter, up from 9,395 in the first quarter. The company reported second-quarter deliveries of 12,640 vehicles, up from 7,946 in the first quarter. Rivian's production and delivery numbers were in line with company expectations. 

Rivian also said it believes it's still on track to meet its previously provided annual production guidance of 50,000 vehicles.

Following the announcement, several analysts raised price targets on the stock. Needham raised its target to $28, DA Davidson and Goldman Sachs lifted their targets to $18 and Wedbush raised its price target to $30. 

Rivian will report financial results for the second quarter after the market close on Aug. 8.

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RIVN Price Action: Rivian shares were up 0.28% at $24.77 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Rivian.