On August 21, Rivian Automotive, Inc. rose 5.06% in regular trading, trading at $16.835/share, with turnover of $107 million.

On the news front, the company recently announced plans to lay off less than 2% of its workforce as part of ongoing cost reduction efforts. Multiple investment banks have raised their target prices: Deutsche Bank maintained a Buy rating and raised its target to $24, while Piper Sandler upgraded the stock to Overweight with a $20 target price. The company's Q2 earnings previously showed gross margin turning positive, with revenue rising 27% year-over-year to $1.66 billion, exceeding market expectations. Full-year adjusted loss guidance was narrowed to $1.8-2.0 billion, and capital expenditure budget was reduced from $1.95-2.05 billion to $1.7-1.8 billion.

Within the Automobile Manufacturers sector, the overall sector showed broad strength. Among individual stocks, Tesla Motors up 3.77%, Stellantis NV up 3.42%, Ford up 2.50%, General Motors up 1.98%, Ferrari NV up 1.41%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)