Why Shares of Rivian Are Falling Today
Through yesterday's trading session, investors who have hitched a ride with Rivian Automotive (NASDAQ: RIVN) have endured a rocky road, with the stock falling 22% in April. The road isn't any smoother today for investors in the electric vehicle (EV) manufacturer; an analyst's bearish take on the stock is contributing to its downward movement.
As of 10:49 a.m. ET, Rivian's stock is down 3.6%, recovering slightly from its earlier slide of 6.3%.
Although the buy rating remains unchanged, Vijay Rakesh, an analyst at Mizuho, has reduced the price target to $90 from $95. According to Thefly.com, Rakesh predicates the lower price target on the belief that the company is "growing through a grueling learning phase reflective of EV start-ups."
Source Fool.com
