We recently published a list of 11 Firms Under Tech, Energy, Aviation Lead Friday Rally. In this article, we are going to take a look at where Rivian Automotive, Inc. (NASDAQ:RIVN) stands against other firms under tech, energy, and aviation, which led Friday’s rally.
Wall Street’s main indices finished in the green territory on Friday amid a series of catalysts buoying investor appetite.
The Dow Jones Industrial Average rose by 0.80 percent, while the S&P 500 and Nasdaq Composite rallied by 1.26 percent and 1.77 percent, respectively.
Eleven companies—predominantly in the technology, energy, and aviation sectors—posted notable gains. Here is why:
To come up with Friday’s top advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A state-of-the-art electric vehicle charging at a station at a suburban mall.
Rivian Automotive, Inc. (NASDAQ:RIVN)
Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rallied by 24 percent on Friday, finishing the trading week with an additional 3.24 points at $16.49 each after recording better-than-expected vehicle deliveries.
According to the company, it produced 12,727 vehicles at its plant in Normal, Illinois in the fourth quarter of the year and a total of 49,476 units for the full year. Deliveries were even better at 14,183 for the fourth quarter alone and 51,579 units for the full year 2024.
Meanwhile, Wall Street analysts earlier expected the company to deliver closer to 13,400 electric vehicles for the period and 51,000 for the entire year.
Last month, the company also sealed a deal with Volkswagen for the creation of a $5.8 billion joint venture company called “Rivian (RIVN) and VW Group Technology.” The new company will focus on developing an electrical and electronic architecture and software for electric vehicles that each automaker will utilize.
Overall, RIVN ranks first on our list of firms under tech, energy, and aviation, which led Friday’s rally. While we acknowledge the potential of RIVN as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than RIVN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.