What's Going On With Rivian Automotive Stock?
Portfolio Pulse from Erica Kollmann
Rivian Automotive, Inc. (NASDAQ:RIVN) stock is trading higher, with a more than 30% increase over the last six months. The stock experienced heavy trading volume on Wednesday, with over 32.4 million shares traded, surpassing its 100-day average volume. Goldman Sachs analyst Mark Delaney maintained a Neutral rating on Rivian but lowered the price target from $25 to $19. Rivian is a popular stock among retail investors and short-sellers, with 18.77% of RIVN shares sold short. The stock is trading above its 50-day moving average but below its 52-week high. At the time of publication, RIVN shares are up nearly 10% at $19.10.
December 06, 2023 | 5:15 pm
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POSITIVE IMPACT
Rivian Automotive's stock is experiencing a significant uptick in trading volume and price, with shares up nearly 10% at $19.10. The stock is trading above its 50-day moving average, indicating positive short-term momentum, despite a lowered price target from Goldman Sachs.
The increase in Rivian's stock price and trading volume suggests positive investor sentiment in the short term, even though the price target was lowered by Goldman Sachs. The stock's performance above its 50-day moving average may attract more investors, potentially sustaining the upward trend. However, the lowered price target and the high percentage of shares sold short indicate some caution is warranted, which is why the importance is not at the maximum level.
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IMPORTANCE 80
RELEVANCE 100