Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading higher Monday on above-average trading volume. Here’s a look at what’s going on.Â
What To Know:
Rivian reported better-than-expected first-quarter revenue last week, and the company also maintained its 2024 production forecast of 57,000 units.
Rivian shares also moved following a report from DigiTimes that Apple, Inc. (NASDAQ:AAPL) is “assessing the possibility of teaming up with a certain U.S. EV startup, and Rivian is a very likely candidate.” Neither company has addressed the report.
Several stocks favorited by retail investors, including GameStop and AMC Entertainment, are moving Monday after Roaring Kitty returned to social media and may also be contributing to Rivian’s move.
Related News: What’s Going On With GameStop Stock: Is Roaring Kitty Active Again?
RIVN Stock Prediction 2024:
Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.
Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Rivian Automotive, an investor could make an assessment about a stock’s long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Rivian Automotive, the 200-day moving average sits at $16.96, according to Benzinga Pro, which is above the current price of $10.96. For more on charts and trend lines, see a description here.
Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.
RIVN Price Action: According to Benzinga Pro, Rivian shares are up 9.1% at $10.90 at the time of publication Monday.
Image: Courtesy of Rivian Automotive, Inc.
