Stock Track | Rivian Automotive Soars 5.05% Intraday After DA Davidson Upgrade to Neutral

Stock Track04-01 21:35

Rivian Automotive Inc.'s stock surged 5.05% during intraday trading on Wednesday.

The significant move upward was driven by a rating upgrade from brokerage firm DA Davidson, which changed its recommendation on Rivian to "Neutral" from "Underperform." The firm cited valuation following a substantial recent selloff in the electric vehicle maker's shares.

Rivian's stock had declined approximately 34% since late December and about 10% since it announced pricing for its R2 compact SUV in mid-March. DA Davidson's upgrade suggests the sharp drop may have brought the stock to a more reasonable valuation level, prompting renewed investor interest.

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