RIVN - Why Rivian Stock Was Electric This Week
2024-06-27 14:46:32 ET
Shares of the electric vehicle (EV) maker Rivian Automotive (NASDAQ: RIVN) accelerated this week after the company announced a new joint venture with Volkswagen , which gives Rivian an initial $1 billion in cash.
That was the main headline for Rivian this week, but the company's stock also benefited from an analyst initiating coverage of Rivian's stock and slapping a buy rating on it.
The combined news put Rivian's stock into fifth gear, rising 40.2% as of Thursday afternoon, according to data provided by S&P Global Market Intelligence
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Why Rivian Stock Was Electric This Week