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RIVN Stock News: Rivian Automotive ekes out a gain as Nasdaq rallies for third straight session

NASDAQ:RIVN gained 0.52% during Thursday’s trading session.
Rivian is trading nearly 50% off of its all-time high price from just one month ago.
Tesla rebounds in style despite cutting video games for its drivers.

Stocks Reporter FXStreet

NASDAQ:RIVN cruised into Christmas with another small gain on Thursday, as the company continues to battle early volatility following its November IPO. Shares of Rivian gained 0.52% on Thursday and closed the abbreviated trading week at $96.84. It was another banner day for growth stocks as the NASDAQ extended its rebound from the recent selloff. The tech-heavy index climbed a further 0.85%, while the S&P 500 entered Christmas at a fresh new all-time high. Not to be outdone, the Dow Jones added back 196 basis points, as all three indices rose for the third straight day.

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Rivian has struggled since its much publicized IPO, and the stock is now trading nearly 50% off of its all-time high price of $179.47. Other EV stocks have been beaten down just as much as Rivian over the past month, including Lucid Group (NASDAQ:LCID) which has lost over 28% of its stock price over the last month, and Fisker (NYSE:FSR) which has dropped by 15.5%. Electric vehicle stocks have managed to climb back during this week’s rally, although Lucid was one of the only companies in the red on Thursday as the stock fell by 2.74%.

Rivian stock price prediction

Another EV stock that has been clawing its way back from recent lows is Tesla (NASDAQ:TSLA). The industry leader gained a further 5.76% on Thursday as investors reacted to CEO Elon Musk’s announcement that he has completed his sale of Tesla stock. Meanwhile Tesla also reported that it has conceded to the NHTSA and will disarm the ability for drivers to play video games in Tesla vehicles while using the FSD technology.

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Rivian stock price prediction

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