Why Rivian Stock Is Sinking Today
There are multiple crosscurrents in the electric vehicle (EV) sector right now. Analysts are trying to weigh how manufacturers will weather a potentially changing regulatory climate next year as well as what it will mean for demand.
That has resulted in mixed messages on the outlook for Rivian Automotive (NASDAQ: RIVN). Today, one Wall Street analyst released a report downgrading the stock, and shares are sinking as a result. After dropping more than 5%, the stock was still down by 4.2% as of 12:15 p.m. ET on Wednesday.
Today's drop comes after Baird analyst Ben Kallo cut his rating on Rivian stock to the equivalent of a hold from a buy. The stock has jumped by nearly 40% in the last month after the company announced two new capital infusions.
Source Fool.com
