Rivian Automotive Inc (NASDAQ:RIVN) shares are trading higher by 2.75% to $17.21 Monday morning, despite a lack of company-specific news for the session. The market is rising due to expectations of a positive earnings season, with investors optimistic about strong financial reports and a potential Federal Reserve rate cut.

Additionally, the recent political shift with President Biden stepping down and the rising odds of a Trump victory, who is known for his pro-business stance, might be bolstering investor sentiment. Bargain hunting in previously beaten-down stocks and a favorable economic outlook further contribute to the market's upward momentum.

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Why This Matters To RIVN Investors

If the Federal Reserve decides to cut interest rates, it generally lowers borrowing costs for companies. For an automaker like Rivian, which is heavily investing in research and development as well as scaling up production, reduced interest rates can lower the cost of financing, potentially boosting investor confidence in its future profitability.

With President Biden stepping down and expectations of a market rebound due to a healthier reporting season, investors might start looking for growth opportunities in stocks that were previously beaten down. Rivian, as a relatively newer and high-growth company, could attract interest from bargain hunters seeking to capitalize on future growth potential.

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Is RIVN A Good Stock To Buy?

Wall Street analysts view Rivian Automotive on the whole as a Neutral, given the history of coverage over the past three months. Colin Langan from Wells Fargo in Rivian Automotive is the most optimistic, expecting a 80.0% rise in the stock in the coming year.

But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past 3 months, Rivian Automotive rose 85.82%, which indicates that opinion improved on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which rose 82.15% over the past year.

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RIVN has a 52-week high of $28.06 and a 52-week low of $8.26.