Is Rivian Automotive Stock a Buy Now?
Rivian (NASDAQ: RIVN) stock jumped 14% on Oct. 4 after the electric truck, SUV, and van maker posted its latest production numbers. In the third quarter, it produced 7,363 vehicles and delivered 6,584 vehicles. Its production volume hit 14,317 vehicles in the first nine months of 2022, and it also reaffirmed its full-year production target of 25,000 vehicles.
Rivian won't unveil any additional details until its upcoming third-quarter report, but the production update has brought some bulls back to the stock. Rivian is still down about 65% year to date due to rising interest rates and the subsequent exodus from pricier growth stocks. That puts the stock more than 50% below its IPO price of $78 from last November. So should investors give Rivian stock another chance, or does it need to fall further before it's considered a bargain?
Image source: Rivian.
Source Fool.com
