{"id":34073,"date":"2023-07-11T07:22:59","date_gmt":"2023-07-11T11:22:59","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/rivian-stock-is-on-a-tesla-like-streak-where-it-goes-from-here\/"},"modified":"2023-07-11T07:23:01","modified_gmt":"2023-07-11T11:23:01","slug":"rivian-stock-is-on-a-tesla-like-streak-where-it-goes-from-here","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=34073","title":{"rendered":"Rivian Stock Is on a Tesla-Like Streak. Where It Goes From Here."},"content":{"rendered":"
\n
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<\/p>\n
<\/div>\n<\/figure><\/div>\n

There has been no stopping the shares of electric-vehicle start-up
\n Rivian Automotive
\n lately. Shares finished higher again on Monday, leaving investors wondering what caused the surge, and where can the stock go. <\/p>\n

Rivian stock (ticker: RIVN) finished up 3.3% at $25.47. The
\n S&P 500
\n closed 0.2% higher and the
\n Nasdaq Composite
\n was up 0.2%. Rivian shares were up for nine consecutive trading sessions, rising almost 90% over that span. It\u2019s a breathtaking move. <\/p>\n

\n

The current streak rivals the run of
\n Tesla
\n stock (TSLA), which rose for 13 consecutive days starting in late May. Shares added 41% over that span. <\/p>\n

All it seems to have taken is solid production results and very high short interest, which indicated that a substantial amount of money was betting the stock would fall. Selling stock short means a bearish investor borrows shares and sells them immediately. The investor hopes to, later on, buy the shares cheaper on the market and return them to the lender.<\/p>\n

Short interest in Rivian is about 12%\u2014that percentage of shares available for trade were allocated to bearish bets\u2014close to a record high. The average short interest for an S&P 500 stock is less than 2%, according to Bloomberg data.<\/p>\n

High short interest can generate a short squeeze, which occurs when the share price rises. The bearish investor who borrowed shares may be called upon by the lender to immediately replace some of the shares borrowed. A critical mass of bearish investors forced to buy the stock to replace some borrowed shares would send the stock price even higher, causing even more investors to cover their bearish bets.<\/p>\n

\u201cRivian is one of the most squeezable stocks in the U.S.,\u201d said Ihor Dusaniwsky, managing director at short-selling data provider S3 Partners. He is basing his conclusion on a mix of factors, including how much short sellers have lost recently. <\/p>\n

Dusaniwsky isn\u2019t looking at Rivian\u2019s production, but that is helping squeeze the stock, too. Earlier this month, Rivian said it produced 13,992 EVs in the second quarter, topping Wall Street\u2019s estimate of about 11,000. What\u2019s more, if Rivian can put up similar numbers in the third and fourth quarters, the company will beat its own guidance for 50,000 units for 2023. (Rivian produced 9,395 units in the first quarter.)<\/p>\n

That\u2019s the why of the rally, but how far could Rivian stock go? <\/p>\n

\u201cOne can\u2019t deny the extreme positive momentum, but it has produced a very stretched short-term condition now,\u201d says CappThesis founder and technical analyst Frank Cappelleri tells Barron\u2019s<\/em>.<\/p>\n

He calls the stock overbought. That means shares have gone up a lot, quickly, and is a signal to traders that a stock could run out of steam soon. He sees some resistance at $28, \u201cwhich also is the site of [shares] December 2022 breakdown zone.\u201d<\/p>\n

Shares started dropping in December and hit $11.68 on April 26. <\/p>\n

Short-term upside of $28 isn\u2019t that attractive to Cappelleri but he isn\u2019t making a fundamental call on the company. He\u2019s reading stock charts to get a sense of where traders may decide to buy or sell. In the long run, Rivian\u2019s production and earnings will determine where the stock goes.<\/p>\n

It\u2019s always tough for investors to predict a change in sentiment. It\u2019s easy to identify looking in the rearview mirror. And investors are clearly feeling better about Rivian stock these days.<\/p>\n

\u201cRivian has turned the corner and production now ramping with the bears going into hibernation mode,\u201d says Wedbush analyst Dan Ives in an email. \u201cThe stock is cheap for a disruptive tech player and now investors [are] piling in.\u201d He has a Buy rating on Rivian stock with a $30 price target.<\/p>\n

To b sure, all the recent buying can\u2019t be accounted for by just short position covering. Ives sees more optimism from investors too. <\/p>\n

Write to Al Root at allen.root@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

There has been no stopping the shares of electric-vehicle start-up Rivian Automotive lately. Shares finished higher again on Monday, leaving investors wondering what caused the surge, and where can the stock go. Rivian stock (ticker: RIVN) finished up 3.3% at $25.47. The S&P 500 closed 0.2% higher and the Nasdaq Composite was up 0.2%. Rivian […]<\/p>\n","protected":false},"author":1,"featured_media":34074,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-34073","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nRivian Stock Is on a Tesla-Like Streak. Where It Goes From Here. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"There has been no stopping the shares of electric-vehicle start-up Rivian Automotive lately. 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