There were a handful of positive takeaways when Rivian Automotive (NASDAQ: RIVN) released its third-quarter report last night. That helps explain why the stock jumped almost 8% in Wednesday morning trading.

But Rivian shares have since given up all those gains and then some. In mid-afternoon trading, the stock was lower by 3.7% on the day. It's fair for investors to wonder what caused the pop and then drop.

It first should be noted that Rivian stock has dropped by more than 30% over the last three months. That can be partially explained by growing concerns that the market for electric vehicles (EVs) isn't what some investors were expecting. Even EV leader missed production and delivery estimates when it reported earnings last month.

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Source Fool.com