Why Rivian Stock Dropped Thursday
Ahead of what could be one of the most highly anticipated earnings reports of the year, investors in EV start-up Rivian Automotive (NASDAQ: RIVN) are taking profits today. After a very successful initial public offering (IPO) last month, shares of Rivian have since dropped 36% from their high. But the stock is still 41% above its $78 per share IPO price. Investors today, however, are selling its shares, which as of 1:50 p.m. ET were down 4.5%. The stock had been down as much as 7% earlier in the session.
Rivian is set to announce its first quarterly financial report as a public company after the closing bell this afternoon. Investors won't be overly concerned with the profit and loss numbers, however. But with Rivian already valued at a market cap of almost $100 billion, there will be plenty of high expectations for what the company says, and how fast it will ramp up to begin selling its electric vehicles at scale.
Rivian R1T pickup truck and R1S SUV. Image source: Rivian Automotive.
Source Fool.com
