Rivian Automotive (NASDAQ: RIVN) stock gained in after-hours trading after the firm announced it managed to produce 7,363 vehicles in Q3, a 67.3% sequential increase, while also delivering 6,584 vehicles for the quarter.
The electric vehicle (EV) manufacturer noted that the production and delivery numbers were in line with their expectations, which will enable them to deliver 25,000 vehicles for the full year. Rivian seems to be following in the footsteps of Tesla (NASDAQ: TSLA), which delivered a record number of vehicles in Q3 2022.
In addition, Truist Securities recently started coverage on Rivian with a buy rating, seeing the firm as just getting started with deliveries while being strategically positioned in the EV market.
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RIVN chart and analysis
Both the long and short-term trends are negative, as the stock remains below all moving averages. Over the last month, the shares traded from $31.01 to $40.86, with technical analysis indicating a support zone from $31.69 to $31.88 and a resistance zone from $31.90 to $31.94.
Wall Street analysts rate Rivian stock a ‘moderate buy,’ with the average price in the next 12 months reaching $49.14, 54.09% higher than the current trading price of $31.89. Notably, out of 15 Wall Street analysts, 9 have a ‘buy’ rating, 4 have a ‘hold’ rating, and 2 have a ‘sell’ rating.
With increasing delivery numbers, Rivian might emerge as one of the leaders in the EV space, also considering the contract they have with Amazon (NASDAQ: AMZN), which puts them up a peg compared to the competition.
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