Rivian Automotive, Inc. (NASDAQ:RIVN) shares are outperforming its electric vehicle peers, including market leader Tesla, Inc. (NASDAQ:TSLA) in premarket trading on Wednesday.
The upside could be attributable to the indication of likely broader market strength, going into the session. The stock could also be receiving support from positive commentary by Needham regarding the company’s first-quarter deliveries outlook.
Kelley Blue Book sales data gathered from the state Registry of Motor vehicle showed registrations of 8,145 Rivian vehicles in the first quarter, analyst Chris Pierce said, citing information from Cox Auto’s first-quarter 2023 “Industry Insight Calls.” This compares to the consensus estimate of 7,167 vehicles, he added.
The analyst also noted that first-quarter used vehicle data showed that fewer used Rivian vehicles were on sale relative to Lucid Motor Group (NASDAQ:LCID) and Ford Motor Co.’s (NYSE:F) Lightning EV pickup truck, which is a direct competition to Rivian’s R1T pickup truck.
Needham has a “Buy” rating on Rivian and a $26 price target for Rivian shares, suggesting 100% upside potential.
In premarket trading, Rivian stock climbed 2.85% at $13.33, according to Benzinga Pro data. Tesla (NASDAQ:TSLA) rose 1.70% to $192.41.
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