Why Rivian Shares Are Jumping This Week

Even after sellers far outnumbered buyers on Thursday, the tech-heavy Nasdaq is heading into the final day of trading this week with a slight gain. That builds on a bounce that began in late January after the index reached correction level, along with many growth stocks.

That includes the stock of electric vehicle (EV) start-up Rivian Automotive (NASDAQ: RIVN), which jumped as much as 13.3% at its peak this week. After a pullback, Rivian shares are heading into Friday with a weekly gain of 6.3%, according to data provided by S&P Global Market Intelligence.

Rivian was the subject of a New York Times article earlier this week that didn't paint a very positive picture of the company and its stock. It was also reported by EV news site InsideEVs that the company experienced a vehicle fire at its Illinois factory last weekend.

Source Fool.com