For electric vehicle stocks, usually, there are a handful of names that lead the way. In Monday morning’s trading, though, Rivian (NASDAQ:RIVN) got its chance to shine after posting some truly amazing results for its second-quarter production figures. Sufficiently amazing, in fact, that it sent RIVN stock soaring at the time of writing.
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Rivian revealed that it rolled out 13,922 vehicles from its plant in Normal, Illinois, and delivered almost as many at 12,640. Better yet, Rivian also noted that it’s right in line to ultimately clear 50,000 vehicles, a production goal that it set for 2023. Considering that analyst consensus only looked for Rivian to deliver 11,300 vehicles, it was clearly ahead of the game. It only got better from there; second-quarter deliveries turned out to be almost three times what they were the same time last year, and production was up better than three-fold from that same time.
Now, Rivian is on track for its best share price gain in the last eight months. Already, just over the last five days, Rivian’s stock price has added better than 40%. Rivian has been struggling for the last several months under a combination of factors; supply chain woes have made parts tough to come by, and a price war Tesla (NASDAQ:TSLA) kicked off only made matters worse. But Rivian has come through on the other side admirably and even managed to make those production goals happen after it laid off 6% of its workforce.
With all that in mind, it’s little surprise analysts are coming out in Rivian’s favor. Analysts call Rivian stock a Moderate Buy, supported by eight Buy recommendations, four Holds, and two Sells. Plus, with an average price target of $21.93 per share, Rivian stock offers investors 14.28% upside potential.
