Rivian Automotive, Inc. (RIVN) saw its stock price soar 5.74% during intraday trading on Wednesday, marking a significant upward movement for the electric vehicle manufacturer.

The surge follows the completion of the company's 75 million share public offering, with institutional buying driving the stock well above the $15.50 offering price as dilution-related selling pressure has been absorbed. The rebound is further supported by multiple investment bank upgrades, including UBS and Jefferies raising their price targets to $17, and JPMorgan significantly lifting its target from $9 to $15.

Fundamentally, the company reported Q2 deliveries that exceeded Wall Street expectations and raised its full-year delivery guidance, reinforcing improving operational momentum ahead of its upcoming earnings report.