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Tag: DRIV

  • Rivian’s stock matches record win streak after Wedbush boosts price target by 20%

    Rivian’s stock matches record win streak after Wedbush boosts price target by 20%

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    Shares of Rivian Automotive Inc. rallied Friday for an eighth-straight session after Wedbush analyst Dan Ives boosted his stock-price target by 20%, saying he believes the electric-vehicle maker is “finally making a major turn” toward its longer-term business model.

    Ives reiterated the outperform rating he’s had on the stock
    RIVN,
    +14.25%
    since it went public, while raising his price target to $30 from $25.

    “We believe [that] after a number of ‘one step forward, two steps back’ excuses for Rivian and supply-chain headaches, the company is finally making a major turn towards executing on its longer-term business model,” Ives wrote in a note to clients. “Demand remains firm for the company’s unique EV model lineup while production appears to now be on the road to success as seen with stronger deliveries in [the second quarter].”

    Rivian’s stock powered up 14.3% to $24.70, the highest close since Dec. 13, 2022. It has rocketed 83.6% over the past eight days, to match the record eight-day win streak that ended Sept. 14, 2022.


    FactSet, MarketWatch

    Ives’s raised price target comes after Rivian’s largest shareholder, Amazon.com Inc.
    AMZN,
    +1.11%    ,
    announced earlier this week that it was taking delivery of the first of Rivian’s new electric delivery vans in Europe.

    Rivian had also this week reported record second-quarter deliveries that nearly tripled from a year before, with production more than tripling.

    “After quarters of disappointing production speed bumps, supplier issues, and what felt like an ongoing agita situation, Rivian now appears to have its production and supply-chain issues well under control with the laser focus on getting deliveries in the hands of eagerly awaiting customers,” Ives wrote.

    Ives’s new price target, which implies 21.5% upside from Friday’s closing price, made him the third most bullish on Rivian among the 24 analysts surveyed by FactSet who cover the company.


    FactSet

    The most bullish were Wolfe Research’s Rod Lache and Canaccord Genuity’s George Gianarikas, who both had $40 price targets on the stock.

    Fourteen analysts were bullish on Rivian, eight were neutral, and two were bearish, according to FactSet. The average stock-price target was $23.55.

    Rivian’s stock has run up 70.7% over the past three months, while the Global X Autonomous and Electric Vehicles exchange-traded fund
    DRIV,
    +1.52%
    has advanced 15.1% and the S&P 500 index
    SPX,
    -0.29%
    has gained 7.2%.

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  • EV stocks get a broad boost after Tesla, Rivian, Nio report upbeat deliveries data

    EV stocks get a broad boost after Tesla, Rivian, Nio report upbeat deliveries data

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    Shares of electric vehicle makers got a broad boost Monday, after upbeat delivery and production data from a host of companies, including industry leader Tesla Inc. and those based in China.

    The Global X Autonomous and Electric Vehicles exchange-traded fund
    DRIV,
    +1.08%
    jumped as much as 1.7% intraday, before paring gains to close up 1.1%. It has climbed 5.7% amid a five-day win streak. The ETF outperformed the broader stock market by a wide margin, as the S&P 500 index
    SPX,
    +0.12%
    inched up 0.1% and the Nasdaq Composite
    COMP,
    +0.21%
    edged up 0.2%.

    The ETF’s most-active component was Tesla’s stock
    TSLA,
    +6.90%    ,
    which climbed 6.9% to $279.82, the highest close since Sept. 28, 2022. It has run up 16.1% amid a five-day win streak.

    The rally comes after Tesla revealed over the weekend a blowout deliveries report, in which the EV leader said it delivered a record 466,000 vehicles in the most recent quarter, well above expectations of 449,000.

    The ETF’s second-most active member was Rivian Automotive Inc.’s stock
    RIVN,
    +17.41%    ,
    which shot up 17.4% to its highest close since Feb. 17, and rocketed 45.4% amid a five-day win streak.

    The company reported second-quarter EV production that was more than triple that of a year ago, and deliveries that nearly tripled.

    Nio Inc.’s U.S.-listed stock
    NIO,
    +3.51%
    rallied 3.5% to $10.03, the first close above the $10 mark since March 31, after the Shanghai-based EV maker reported June deliveries that jumped 74% from May, but were down 17.4% from a year ago.

    Among its China-based peers, the U.S.-listed shares of Xpeng Inc.
    XPEV,
    +4.17%
    advanced 4.2% to the highest close since Sept. 26, 2022, of Li Auto Inc.
    LI,
    +3.42%
    hiked up 3.4% to the highest close since July 21, 2022 and of Boyd Co. Ltd.
    BYDDY,
    +3.07%
    rose 3.1%.

    Elsewhere, Lucid Group Inc. shares
    LCID,
    +7.26%
    charged 7.3% higher to a record sixth-straight gain and the highest close since May 31, as the EV sector’s rally helped offset an effective downgrade at Citi Research.

    Mullen Automotive Inc.’s stock
    MULN,
    -6.31%
    bucked the trend, as it sank 6.3% toward a record low close of 10.1 cents, even after the EV maker reported last week that it recorded revenue for the first time, and that it was in the “best financial position” in its history.

    In an interview on YouTube channel “Financial Journey,” as disclosed on Friday, Mullen Chief Executive Officer David Michery said he doesn’t believe the stock’s price reflects the true value of the company.

    He said he expects manufacturing of the Mullen One class 1 last-mile delivery cargo vans to begin in August with “sellable” vehicles available in September.

    For the Mullen Three class 3 trucks, with a gross vehicle Weight Rating (GVWR) of 11,000 pounds, Michery said manufacturing will start “right around the corner” in July, with sellable vehicles in August and September.

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  • Tesla stock surges to its 10th straight gain

    Tesla stock surges to its 10th straight gain

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    Shares of Tesla Inc. rose Thursday to a 10th straight gain, as data out of China showed that the electric vehicle giant sold more cars in May than the previous month.

    The stock
    TSLA,
    +4.58%
    surged 4.6% to $234.86, for its highest close since Oct. 6, when it closed at $238.13, and its largest one-day percentage increase since May 30, when it rose 4.14%. Shares continued rising around 3% in after-hours trading Thursday.

    It has charged up 27.3% over the past 10 days, its longest win streak since the 11-day streak that ended Jan. 8, 2021.

    The China Passenger Car Association reported overnight that May retail sales of new-energy vehicles, which includes electric and plug-in hybrids, jumped 60.9% from a year ago to 580,000 vehicles, or 33.3% of the total passenger cars sold of 1.74 million, according to a Dow Jones Newswires report.

    Tesla delivered 77,695 cars that were made at its Shanghai facility in May, the DJ report said, which is up from 75,842 cars delivered in April but down from the more than 88,800 EVs delivered in March.

    Meanwhile, shares of other China-based EV makers were mixed, as Nio Inc.’s stock
    NIO,
    +0.39%
    dropped 1.5%, but Xpeng Inc. shares
    XPEV,
    +0.95%
    climbed 0.9% and Li Auto Inc.’s stock
    LI,
    +0.66%
    tacked on 0.7%.

    See also: Tesla Model 3s now qualify for $7,500 in federal tax credits

    Tesla generated $4.89 billion in sales from China during the first quarter, or 21.0% of total sales. In 2022, the company’s China sales totaled $18.15 billion, or 22.2% of total sales for the year.

    Separately, the Associated Press reported that late Wednesday that Tesla may face a class-action lawsuit after 240 Black factory workers described racism and discrimination at the company’s plant in the San Francisco Bay Area.

    Tesla’s stock has soared 91% year to date, while the Global X Autonomous and Electric Vehicles exchange-traded fund
    DRIV,
    +0.77%
    has run up 25.4% and the S&P 500 index
    SPX,
    +0.62%
    has advanced 11.6%.

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