Rivian Automotive Inc (NASDAQ: RIVN) hasn't veered from its upward trajectory since its IPO last week, but nearly 100% gains aren't enough to send one investor walking.
"I'm still holding onto it, yes, and I'm not looking to take a profit," Market Rebellion co-founder Pete Najarian said Monday on CNBC's "Fast Money Halftime Report."
Najarian is waiting for Rivian options to become available before he considers trimming his position.
"When we start to have options, we start to see a little bit of those volumes start to pick up and ... see what the implied volatilities are, then that might make me change my mind a little bit," he said. "For right now, I love this company."
Rivian is a stock that the Market Rebellion co-founder has been waiting on to come public. Najarian likes the fact that the company has ties to Amazon.com Inc (NASDAQ: AMZN) and Ford Motor Co (NYSE: F).
Amazon has invested about $1.3 billion in Rivian and has been testing the company's vehicles in the San Francisco area since March. Rivian has a contract to supply Amazon with 100,000 electric delivery vans by 2030.
Amazon maintains a 20% stake, while Ford currently owns a 12% stake of Rivian.
"I think Amazon is the perfect feeder for this company going forward," Najarian said.
RIVN Price Action: Rivian was up 12.80% at $146.58 at time of publication.
Photo: courtesy of Rivian.
See more from Benzinga
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.