Rivian Automotive (RIVN -0.44%) stock is making gains in Tuesday’s trading. The electric vehicle (EV) company’s share price was up 5% as of 11:30 a.m. ET.
Today is 2024’s final trading day, and investors are making relatively few buying and trading moves compared to the average session. Thanks in part to the lower trading volume, Rivian stock is seeing significant gains following a new endorsement from a social media influencer and positive coverage on the company from Newsweek.
Rivian stock revs up on a day of low trading volume
With relatively low trading volume today it takes less news to power significant moves for a company’s share price. Rivian’s share price is seeing large gains in conjunction with this dynamic and some positive coverage on its vehicles, charging network, and brand initiatives.
YouTuber Marques Brownlee recently announced that he had sold his Tesla Cybertruck. Brownlee, who is an influencer in the online tech space and better known by his “MKBHD” online handle, stated that he made the move because he thought Rivian trucks were better. His comments kicked off a wave of debate in social media circles and generated coverage in automotive and investing publications.
Rivian stock is also getting a boost from an article published by Newsweek today. In the write-up, which is titled “Rivian’s Changing the Charging Game, One Destination at a Time,” the publication’s senior auto editor Eileen Falkenberg-Hull covers how the company is making moves to expand charging-network coverage and promote its brand at its experience-focused outpost locations.
What’s next for Rivian?
Rivian will likely publish its delivery numbers for the fourth quarter within the first week of 2025, and performance for the period could have a significant impact on the company’s share price. Tesla’s upcoming Q4 deliveries report could also be a significant catalyst for the stock, because the EV leader’s performance is often viewed as a bellwether for the industry.
Notably, some analysts and investors have been becoming more bearish on Tesla’s upcoming report and expect that the company will report deliveries that come in below previous Wall Street estimates. On the other hand, lowered expectations could set the stage for significant gains if positive surprises arrive. With Rivian, Tesla, and other players in the space set to provide major performance updates in the very near future, EV stocks could start 2025 off by making some big news.
Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.
