Rivian Stock Exploded Today. Here's What Investors Need to Know.
Rivian Automotive (NASDAQ: RIVN) received some surprising but welcome news last night. Even after the stock jumped by 8% yesterday, it soared by as much as another 37% Wednesday morning. A new investment and partnership has the stock flying.
While the stock pared some of this morning's gains, it remained higher by 22.7% as of 12:45 p.m. ET. That's because of the announcement that is investing up to $5 billion in Rivian over the next two years.
There's a reason Rivian shares were lower by nearly 50% year to date heading into yesterday's trading: The company has been burning cash. It has gone through more than $4 billion of its cash hoard in the last year. On top of that, it doesn't expect to produce any more EVs in 2024 than it did last year.
Source Fool.com
Volkswagen AG ST Stock
Our community is currently high on Volkswagen AG ST with 18 Buy predictions and 3 Sell predictions.
As a result the target price of 130 € shows a slightly positive potential of 15.56% compared to the current price of 112.5 € for Volkswagen AG ST.
