Electric truck start up Rivian(NASDAQ: RIVN) the share has risen by 4.4% from kl. 11:45 A Tuesday on some very curious news.
According to Wall Street Journal, Rivian’s chief operating officer, Rod Copes, left the company in December. And while Journal forwarded a comment from the company that this departure was “planned for several months”, not only has there not yet been a Securities and Exchange Commission (SEC) filing about it, at the time Journal wrote its story, it pointed out that “Mr. Copes was still identified on Rivian’s website as the company’s chief operating officer.”
Rivian has since removed Copes’ bio from its website.
Image source: Rivian.
Seen even in the best light, these are some serious mixed messages investors are getting from Rivian this week, and yet the stock is responding positively today. Why?
Well, a few reasons.
Although Rivian has not yet issued a statement on Copes’ departure, it is have has just submitted an update to the SEC on the production process. “By the end of 2021,” the company says, Rivian had “produced 1,015 vehicles” and delivered 920 of them to its customers.
Investors so far seem to be highlighting the positive news and eliminating any worries about who is driving Rivian. And what helps them make that decision are two notes from Rivian’s fans on Wall Street.
In a note, the Japanese investment bank recites Mizuho Rivian’s statement that the Copes’ departure “had been planned for some time.” In addition, advises StreetInsider.com, Mizuho reiterates its belief that “RIVN continues to move on to the next phase of its global expansion,” targeting in particular the US market, where “SUVs and pickup trucks … account for ~ 70% of US car sales with premium margins. “
Separately, analysts at Redburn Research began coverage of Rivian stock today, arguing that Rivian “beat Tesla, Ford and GM on the market with the first electric pickup “(reports TheFly.com). Redburn claims that demand for Rivian’s products will “significantly exceed” its current ability to produce trucks to meet that demand, and Redburn says that this $ 85 stock is actually worth $ 141. fair value.
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