Why Rivian Stock Is Plunging Today
Rivian Automotive (NASDAQ: RIVN) stock has been in freefall this week -- and it was down another 6.7% Thursday as of 1:30 p.m. ET.
If an analyst downgrade butchered the electric vehicle (EV) stock Wednesday, the double whammy of yet another downgrade and a solid earnings report from EV leader Tesla (NASDAQ: TSLA) is crushing Rivian shares Thursday.
Although Deutsche Bank cut its price target on Rivian stock to $90 per share Thursday morning, that was only a marginal drop from its previous target of $91 per share. The bank also kept its buy rating on the stock, which is trading at less than half that target price. This suggests that Tesla's success may have more to do with this latest drop in Rivian's share price.
Source Fool.com
