Why Rivian Shares Kept Rising Today

Shares of Rivian Automotive (NASDAQ: RIVN) continued their recent move higher today. In just the last five days, the shares of the electric-vehicle start-up have soared about 27%. The stock jumped another 5% today, before paring some of that gain. As of 12:05 p.m. ET on Friday, it was still up 3.4% for the day.

The big gains came after the company updated investors with second-quarter production results and reaffirmed its plan to produce 25,000 vehicles this year. Today's jump came after Wedbush Securities analyst Dan Ives boosted his price target on the stock.

Ives pushed his price estimate on the stock to $40 per share, up from $30, Barron's reported. He maintained his buy rating, with the new price target representing a 26.5% gain from Thursday's closing price.

Source Fool.com