Shares of Rivian Automotive Inc. were up about 9.8% to $14.23 Wednesday after a Needham & Co. research report said that the EV-maker’s sales this quarter have likely been stronger than expected.
Needham based its analysis on Kelley Blue Book sales data, which indicates 8,145 newly registered Rivian vehicles in the first quarter versus the consensus estimate of 7,161 vehicle deliveries. Needham acknowledged uncertainties in comparing the two measures, but also noted that this quarter is the first in which their KBB-based estimate has exceeded the consensus.
Needham also saw a positive signal for Irvine, Calif.-based Rivian in its updated used-vehicle tracking data, which shows fewer used Rivians for sale compared to vehicles from rivals Lucid Group Inc. and Ford, whose F-150 Lightning pickup truck competes with Rivian’s R1T.
Rivian’s stock is down about 23% this year.