Why Rivian Stock Is Accelerating In Premarket Today - Rivian Automotive (NASDAQ:RIVN)

　　Shares of Rivian Automotive, Inc.RIVN are rising in premarket trading on Tuesday as they react to a positive analyst action.

　　The Analyst:Guggenheim Securities analyst Ronald Jewsikow initiated coverage of the electric-vehicle startup with a Buy rating and a $18 price target, StreetInsider reported. The optimism is reportedly premised on a “compelling catalyst path that supports the firms R2/R3 optimism thesis.”

　　Rivian hasnt been immune to the EV industry-wide demand slowdown, and the company is also weighed down by the huge loss incurs per EV it manufactures.

　　It currently sells the RIS SUV and R1T electric pick-up truck based on its first-generation platform. In March, the company unveiled its second-gen new R2 vehicles and also gave a sneak peek into the future models codenamed R3 and R3X.

　　The R2 EVs are more affordable than the existing Rivian lineup and will have a starting price of $45,000.

　　Rivian shares have pulled back sharply amid the fundamentals woes and are down a whopping 53% this year.

　　Price Action:Rivians shares climbed 1.91% in premarket trading to $11.22, according to Benzinga Pro data.