Why Rivian Stock Popped Then Dropped Monday
Rivian Automotive (NASDAQ: RIVN) shares went on a bit of a roller coaster ride Monday morning. After spiking as much as 4.9% to start the day, the stock reversed course, dropping as much as 5.5% below Friday's closing share price. As of 2:02 p.m. ET, the stock remained down 3.7% on the day.
Rivian's stock was the talk of earnings news late last week, but not in the traditional sense. It wasn't Rivian's financial update that was released, but those of early investors Amazon and Ford Motor Company. Both companies reported significant gains in the fourth quarter of 2021 thanks to their stakes in Rivian. But late Friday, a popular investor talked down Rivian stock, saying he didn't think it would be the next Tesla.
Rivian R1T pickup being manufactured at the company's Illinois factory. Image source: Rivian Automotive.
Source Fool.com
