Technology stocks have rallied hard in 2023. The Nasdaq-100 index is up an astonishing 46.6% this year, driven by huge gains from the likes of and Nvidia. Rivian Automotive (NASDAQ: RIVN) has not participated in this bull market rally. Its stock is actually down 6% year to date.

The electric vehicle (EV) stock just continues to fall after going through its initial public offering in 2021 and jumping to a market cap of $100 billion on its first trading day. Since then, the stock is off around 90% from all-time highs, sitting at a market cap of $16 billion. Investors are nervous about mounting losses and weakening consumer demand for EVs in the United States, which could hurt the start-up.

Is Rivian stock a can't-miss, buy-the-dip opportunity at these prices? Or is the stock set to continue lagging the market? Let's take a closer look at the numbers to find out.

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Source Fool.com