Why Rivian Shares Have Been Taking Off This Week
Rivian Automotive (NASDAQ: RIVN) has been a widely followed electric vehicle (EV) stock since its successful IPO last fall. But the realities of ramping up manufacturing volume along with supply chain and inflation headwinds have soured investors' taste for the stock recently. Rivian shares are down about 40% in the last three months. But this week marked a turnaround. The stock was up as much as 15.5% at its peak this week and still remains 8.6% above last Friday's close on Thursday afternoon, according to data provided by S&P Global Market Intelligence.
Image source: Rivian Automotive.
Some of the weekly gain comes from the tailwind of a rebound in many high-growth stocks. The tech-heavy Nasdaq Composite index itself has jumped 3% this week. But the EV sector has been particularly strong as several manufacturers have announced price increases to help offset rising raw material costs. Even some legacy automakers like General Motors have boosted prices recently on EV offerings.
Source Fool.com