Investing.com — Despite the quieter back half of the week due to the Thanksgiving holiday, there was still plenty of action in the markets, with several names capturing investor attention. Here are Investing.com’s stocks of the week: Symbotic (SYM), Rivian Automotive (NASDAQ:RIVN), and Rocket Lab USA (RKLB).
Symbotic
Symbotic shares plunged over 37% on Wednesday after the company announced it would not meet the deadline for filing its annual form 10-K for the fiscal year ending September 28, 2024. It cited the need to evaluate the financial impact of a significant error in its revenue recognition.
The company disclosed that the error, related to cost overruns that are not billable on certain deployments, has impacted its system revenue calculations and financial results for the year.
While analysts at TD Cowen maintained a Buy rating on the stock, saying the “reaction [is] likely overdone,” DA Davidson, Craig-Hallum, and KeyBanc cut the stock to Hold/Neutral following the news.
Rivian
Rivian made solid gains this week. On Monday, its stock closed over 13% higher after Tesla (NASDAQ:TSLA) announced it had reached a “conditional” settlement in its 2020 lawsuit accusing Rivian of employee poaching to steal electric-vehicle trade secrets.
While Tesla did not reveal the details of the agreement, it is said to have told a California state judge that it plans to dismiss the case by December 24, provided the settlement terms are fulfilled.
Rivian also announced on Monday that it had received a conditional commitment from the U.S. Department of Energy’s Advanced Technology Vehicle Manufacturing Loan Program for a loan of up to $6.6 billion to accelerate its growth of electric vehicle design, development, and manufacturing in the United States.
Reacting to that news, analysts at Truist stated: “We view the announcement as an incremental positive for the RIVN story providing another avenue for capital alongside the Volkswagen (ETR:VOWG_p) (VOW-GR, NR) JV, however given the timeline of the project with Phase 1 not expected to begin production until 2028, we expect the focus to remain on R2 startup at Georgia for the time being.”
Rocket Lab USA
Rocket Lab USA shares continued to surge this week, gaining more than 18% (at the time of writing on Friday). It is currently trading around the $27.32 mark after gaining around 6.4% on Friday.
The week started well for the company, with its stock jumping on the back of news it received a $23.9 million award from the U.S. Department of Commerce and completed two successful satellite launches within 24 hours.
The funding, awarded under the CHIPS and Science Act, is expected to support Rocket Lab’s efforts to expand compound semiconductor manufacturing at its Albuquerque, New Mexico facility.
Meanwhile, the company hit a new operational milestone, successfully conducting two launches within a 24-hour period. The first was launched from its facility in Virginia, followed shortly by the “Ice AIS Baby” mission from New Zealand.
This second mission placed five satellites into low Earth orbit for Kinéis, a French operator developing an Internet-of-Things satellite constellation.
KeyBanc raised its target for RKLB to $27 from $12 per share, maintaining an Overweight rating on the stock.
