Why Ford Is No Longer Holding Rivian Stock Down
There are a number of reasons for investors to believe Rivian (NASDAQ: RIVN) has a bright future. Electric vehicles appear poised to boom, Rivian's models have been well-received, its preorder backlog extends into 2024, and the company has a substantial cash stockpile.
However, while the stock has consistently moved lower since its initial public offering, there's one less overhang keeping the stock down now.
Ford Motor Company (NYSE: F) has almost completely sold off its formerly substantial stake in Rivian. In so doing, it has removed an overhang on the stock price as investors were well aware that it was selling tens of millions of shares, slowly but surely.
Source Fool.com
