On July 27, Rivian Automotive, Inc. rose 5.18% in regular trading, trading at $16.665/share, with turnover of $53.43 million.
The rally was primarily driven by investment bank Piper Sandler upgrading Rivian's stock rating from \"Neutral\" to \"Overweight,\" while simultaneously raising its target price from $18 to $20. The pre-market announcement significantly boosted market confidence in the electric vehicle manufacturer.
Additionally, Rivian is scheduled to report Q2 earnings after market close on July 30. The company previously disclosed preliminary Q2 revenue expectations of $1.55 billion to $1.65 billion, notably exceeding the consensus estimate of $1.46 billion. This fundamental improvement signal provided further support for the rating upgrade, reinforcing optimism ahead of the formal earnings release.
Within the Automobile Manufacturers sector, among individual stocks, Tesla Motors down 0.56%, General Motors up 3.59%, Ford up 2.54%, Ferrari NV up 3.96%, Stellantis NV down 0.44%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)