Top Movers | EV (RIVN, LCID) & Crypto (COIN, MARA) Contributed Most Gains
The latest EV delivery and production data drove the EV sector up as many companies beat estimates. Except for $Tesla Motors(TSLA)$’s surge, $Rivian Automotive, Inc.(RIVN)$ and $Lucid Group Inc(LCID)$ also took a rally yesterday.
Let’s check out the top movers: $Rivian Automotive, Inc.(RIVN)$ $Lucid Group Inc(LCID)$ $Coinbase Global, Inc.(COIN)$ $Marathon Digital Holdings Inc(MARA)$
1. $Rivian Automotive, Inc.(RIVN)$ +17.41%: delivered 12,640 vehicles in Q2
Rivian Automotive exceeded market expectations for second-quarter deliveries, leading to a more than 17% increase in the company's shares.
Rivian delivered 12,640 vehicles in the second quarter, surpassing the estimated figure of 11,000 vehicles provided by Visible Alpha. The company produced 13,992 vehicles at its manufacturing facility in Normal, Illinois, which is a significant increase compared to the previous quarter.
The quarterly delivery numbers are a positive sign for the EV startup that has for months struggled to raise output in the face of supply-chain disruptions and stiff competition from market leader Tesla.
According to Needham analyst Chris Pierce, Rivian's second-quarter performance indicates a turning point for the company, and their production target of 50,000 vehicles for this year seems highly achievable.
2. $Lucid Group Inc(LCID)$ +7.26%: sixth consecutive gain
Lucid Group Inc., an electric vehicle (EV) maker, experienced a sixth consecutive gain, with a 31.1% surge over the past six days. This marks Lucid's longest winning streak since going public in July 2021.
Despite a downgraded rating and price target from Citi Research analyst Itay Michaeli, Lucid's stock rallied due to positive delivery and production data from other EV manufacturers, which led to a sector-wide rally. Companies such as Tesla, Nio, and Rivian also experienced stock price increases.
Michaeli expressed some uncertainty regarding Lucid's near-term demand for its Lucid Air EV and gross margin performance.
3. $Coinbase Global, Inc.(COIN)$ +11.71%: new BTC ETF with CBOE
The rally in Coinbase was driven by the news that exchange operator Cboe Global Markets had refiled its spot Bitcoin ETF application with the SEC, naming Coinbase as the partner for market surveillance sharing agreements. The price of Bitcoin (BTC-USD) also responded positively, trending above the $31,000 mark following the news.
Cboe's earlier attempt, in partnership with BlackRock, was rejected by the SEC due to concerns about market manipulation. However, Cboe hopes to launch a spot Bitcoin ETF managed by Fidelity Investments and has refiled the application, citing the involvement of Coinbase to prevent market manipulation during the ETF launch process. The aim is to boost crypto adoption among traditional investors.
4. $Marathon Digital Holdings Inc(MARA)$ +10.53%
Marathon Digital witnessed a surge in its stock price, which was also attributed to the news that exchange operator Cboe had resubmitted proposals for a Bitcoin ETF. The collaboration between Cboe and Coinbase aimed to ensure a smooth ETF launch process and prevent market manipulation.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Great ariticle, would you like to share it?
Top movers for the week
[Cool]