RIVN Stock News: Rivian jumps and outperforms market as investors follow big money
|- NASDAQ:RIVN gained 2.52% during Friday’s trading session.
- Ford is mulling separating its EV business operations.
- GM is joining in the electric pick upmarket with a hefty price tag.
NASDAQ:RIVN had enough momentum from earlier in the week to eke out a gain during another bearish close on Friday. Shares of RIVN gained 2.52% and closed the final trading day of the week at $66.37. It was an eventful week for the electric truck maker, as numerous 13-F filings with the SEC showed that several high-profile hedge funds initiated positions in the stock last quarter. Shares of Rivian were up 10% this past week, although shares are still trading well below the IPO price from its debut in November. Still, it does add some justification for Wall Street analysts who are overwhelmingly bullish on Rivian for the rest of 2022, even though the stock has seen a rough few months of trading.
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The big news in the electric pickup truck industry on Friday is that legacy automaker, Ford (NYSE:F), is mulling over separating its electric vehicle operations into a new entity. CEO Jim Farley has been contemplating the division to unlock ‘Tesla-like’ value in both the stock and operations. With much of the future of the company reliant on electric vehicles, a stand-alone segment could help propel Ford’s EV business into the upper echelon of global EV makers. Shares of Ford were up 2.91% following the news.
RIVIAN stock forecast
General Motors (NYSE:GM) is another legacy automaker that is taking the next step in the EV industry. Late last year, GM announced its $35 billion EV strategy to catch up with existing EV makers. Well, GM is ready to launch its first pickup truck, the Chevrolet Silverado, and the price tag isn’t what consumers were hoping for. The truck will debut with a price of $39,900 for the work version and an adventure version for a staggering $105,000. It remains to be seen what the demand will be like for the premium version of the truck.
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