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Why Is Rivian (RIVN) Stock Up Today?

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  • Rivian (RIVN) stock is rising with electric vehicle (EV) charging plans.
  • General Motors (GM) has created a joint venture to add 30,000 charging stations to the U.S.
  • RIVN stock also got a reiterated “buy” rating today.
RIVN Stock - Why Is Rivian (RIVN) Stock Up Today?

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Rivian (NASDAQ:RIVN) stock is on the move Thursday following news of new electric vehicle (EV) charging stations coming to the U.S.

Rivian isn’t directly connected to this news as it comes from General Motors (NYSE:GM). The car company is teaming up with several major players in the market on a joint venture that will add 30,000 EV charging stations in the U.S.

While Rivian isn’t part of this joint venture, it will still benefit from these new charging stations. That’s due to them using Combined Charging System (CCS) and North American Charging Standard (NACS) connectors. Rivian is among the companies that announced it will switch to NACS connectors for EV charging.

RIVN Stock Rating

To go along with that EV charging news, Needham also reiterated its “buy” rating for the company’s shares today. For the record, the analysts’ consensus rating for RIVN stock is “moderate buy” based on 16 opinions.

Here’s what the Needham analyst said about RIVN stock in a note to clients obtained by CNBC:

“RIVN’s competitive advantages are shining brighter, with the company emerging as a demand creator when considering that the majority of its buyers have never previously purchased a pickup truck.”

RIVN stock is up slightly on Thursday morning and is up 57.3% since the start of the year.

Investors seeking more of the most recent stock market news are going to want to keep reading!

We have all of the hottest stock market news that traders need to know about on Thursday! A few examples of that include what’s going on with shares of Carvana (NYSE:CVNA) stock, QuantumScape (NYSE:QS) stock, and National Vision (NASDAQ:EYE) stock today. All of that news is ready to go at the links below!

More Thursday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2023/07/why-is-rivian-rivn-stock-up-today/.

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