Rivian shares rebounded on Thursday morning, jumping more than 7% in the first trading hour after two Wall Street firms lifted their price targets.
Additionally, Motor Intelligence revised figures revealed that June was actually the strongest sales month of the year for the EV maker.
As of publication, Rivian‘s stock was trading about 7.8% higher at $17.97, having opened at $16.53 against Wednesday’s $16.66 close.
The move marks a bounce of more than 16% from Wednesday’s intraday low of $15.43, and it claws back part of a sharp multi-day sell-off.
What sparked the sell-off
After a strong second-quarter delivery beat sent the stock up roughly 27% over five sessions to an intraday high of $20.25, Rivian announced a 75 million-share equity offering — worth about $1.3 billion.
The dilution math reset the stock toward the offering price, and shares shed close to $3 billion in market value as the Q2 beat was erased.
As reported earlier on Thursday, Rivian then upsized the deal to 86.25 million shares as underwriters exercised their full option, and the stock bottomed at $15.43 on Wednesday before starting the reversal.
Two more price target raises
Stifel analyst Stephen Gengaro raised his price target on Rivian to $22.00, from $20.00, while maintaining a Buy rating.
“We are updating our model to reflect RIVN’s strong 2Q26 deliveries and preliminary revenue expectations, as well as its 75 million share equity offering,” Gengaro wrote. “We believe the rollout of the R2 is a critical milestone for RIVN and should drive sharply higher volumes going forward. We maintain our Buy rating with a $22 target price.”
Separately, UBS analyst Joseph Spak raised his Rivian target to $17.00, from $16.00, while keeping a Neutral rating; in the same note, Spak lifted his Tesla target to $442, from $364, also at Neutral.
The moves add to a week of target revisions that were not uniformly bullis.
JPMorganraised its Rivian target by 66% to $15.00, from $9.00, citing progress on autonomy and a partnership with Uber — but held an Underweight rating, with the new target still sitting below the current share price.
Revised MI sales
Nearly a week after releasing its initial June vehicle-registration estimates, Motor Intelligence revised Rivian’s sales figures upward by more than 600 units.
The update shows the Irvine-based automaker sold 4,268 vehicles in the United States in June, up from the previously reported 3,635 — a 22.1% year-over-year increase.
The revised figures end a two-month streak of year-over-year sales declines and make June Rivian‘s best-selling month of the year by a far wider margin than first reported. Sales climbed 37.7% from May’s 3,100 units.
For the second quarter, Rivian registered 10,848 vehicles in the U.S., a 6.8% increase year over year. Through the first half, it sold 19,692 units domestically — still 7.2% below the 21,224 recorded over the same six months of 2025, the shortfall a legacy of a weaker first quarter.
Delivery figures
Rivian, which currently sells vehicles only in the United States and Canada, delivered 10,365 vehicles in the first quarter and 12,194 in the second, for a first-half total of 22,559.
Set against Motor Intelligence‘s estimates, the US could have accounted for about 89% of the company’s second-quarter volume, though the comparison is approximate because the research firm tracks vehicle sales while Rivian reports deliveries.
After second-quarter deliveries topped its own outlook, Rivian raised its full-year delivery forecast, citing the start of R2 handovers and stronger demand for its trucks and commercial vans.
The company lifted its delivery range to between 65,000 and 70,000 vehicles, from a prior target of 62,000 to 67,000 — an increase of 3,000 units at each end.
Earlier this week, Jefferies backed Rivian’s capital raise but warned that cash burn will “remain significant”, and some buyers have already reported a delivery slowdown as R2 inventory builds.
