Rivian stock (NASDAQ: RIVN) has witnessed a spectacular surge in recent weeks, propelled by the thriving electric vehicle (EV) market and the company’s promising production and delivery figures.
This monster rally reflects investors’ optimism and confidence in Rivian’s potential to capture a significant share of the EV industry, setting the stage for a potentially exciting period of growth for the company.
Rivian stock price analysis
At the time of writing on July 13, Rivian shares were trading at $25.68, after the stock rose at the market open on Thursday to its highest level in 2023.
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Rivian shares entered Tuesday’s trading session on a remarkable streak, marking nine consecutive days of gains. This record-breaking performance is notable for the company since it went public in November 2021. During this impressive 9-day run, RIVN soared by 90%, marking the company’s most successful streak on record.
Over the past week, the stock rallied over 25%, while on a monthly basis, it saw a remarkable surge of more than 85%. Over that period, the company’s market cap nearly doubled from $13.7 billion to over $25 billion.
The recent upswing marks an impressive rebound for the US-based EV maker, which hit a 52-week low at the beginning of the year after missing the 2022 production target.
Why is RIVN soaring?
A noteworthy portion of RIVN’s stock market gains came on Friday, July 7, when the company reported better-than-expected Q2 vehicle deliveries driven by strong demand, lifting its share price by more than 18%.
In particular, Rivian said it delivered 12,640 vehicles in the most recent quarter, matching the report of industry leader Tesla (NASDAQ: TSLA).
In addition, Rivian also reiterated its production and delivery target recently, saying it was on track to meet its previously provided guidance of 50,000 annual production units.
The reaffirmed outlook urged analysts at Wedbush Securities to hike their price target for RIVN, from $25 to $30. The firm’s leading strategist Dan Ives believes that the worst for the automaker is now over and that the $30 price level could be a base case for RIVN, “from a valuation perspective.”
Rivian’s stock market resurgence comes amid a period of optimism in the broader EV market, boosted by encouraging delivery reports. The same cannot be said for Lucid, which saw its stock price drop 12% after missing Wall Street estimates on July 12.
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