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Why Rivian Hit an All-Time Low Today
Rivian Automotive (NASDAQ: RIVN) went public with a famously successful initial public offering (IPO) on Nov. 10, 2021, at a price of $78 per share. The company banked nearly $12 billion from the IPO, and the stock price took off from there, reaching well over $100 per share. Rivian had some encouraging things to say in its third-quarter report, but data from used car retailer CarMax yesterday has investors rethinking the near-term future for Rivian and other early-stage electric vehicle companies.
