Rivian Automotive, Inc. (RIVN) experienced a significant intraday surge of 5.04% on Thursday, driven by a combination of positive analyst action and a major capital raise announcement.

The upward movement followed news that UBS analyst Joseph Spak raised the firm's price target on Rivian to $17 from $16, while maintaining a Neutral rating on the shares. This revised outlook from a prominent financial institution likely bolstered investor sentiment toward the electric vehicle manufacturer.

Concurrently, Rivian disclosed the pricing of a follow-on offering of 75 million Class A shares at $15.50 per share, with underwriters fully exercising an option for an additional 11.25 million shares. The offering is estimated to generate approximately $1.32 billion in net proceeds, which are earmarked for general corporate purposes, including equity contributions connected to a Department of Energy-backed multi-draw term loan facility.