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Why Rivian Stock Popped on Thursday

Rich Smith, The Motley Fool
·2-min read
Why Rivian Stock Popped on Thursday

Shares of electric truck manufacturer Rivian Automotive (NASDAQ: RIVN) tumbled 2.4% on Wednesday, only to spin around and race ahead 4.6% on Thursday (as of 10:55 a.m. ET). Curiously, the report that seems to have inspired this turnaround (a positive report from Morgan Stanley) actually came out yesterday -- but was immediately drowned out by news of another 0.25% interest rate hike at the Federal Reserve, and by Treasury Secretary Yellen's disclaimer of a plan to expand bank customers' deposit insurance. As the ratings watcher explains, Morgan Stanley reiterated its overweight (i.e., buy) rating on Rivian stock Wednesday, observing that at $13 a share, Rivian stock trades for only a few cents more than the $12.48 it has in cash.

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