Aurora Tech (NASDAQ:ATAK) stock is rocketing higher on Friday as investors react to a wider rally for the electric vehicle (EV) sector.
That rally comes about after a major announcement was made by EV maker Rivian (NASDAQ:RIVN). The company has signed an agreement to supply AT&T (NYSE:T) with EVs for its fleet. As part of that agreement, AT&T will act as the exclusive internet provider for Rivian vehicles in the U.S. and Canada.
Investors will note that this is the second major fleet deal that Rivian has announced. The EV company also has an agreement Amazon (NASDAQ:AMZN) to provide the e-commerce company with 100,000 delivery vans. It’s also already supplied it with 10,000 electric trucks.
How This Affects ATAK Stock
News of the electric fleet deal sent several EV stocks rising when it was announced late yesterday. ATAK was among those with a 9.1% increase. It’s continuing that rally on Friday with an additional 40.3% gain as of this morning.
ATAK is also seeing heavy trading on Friday with some 350,000 shares changing hands. That’s already well above its daily average trading volume of about 16,000 shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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