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Why Rivian Stock Lost Momentum Today

TheMotleyFool

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After a stunning recovery late last week, Rivian Automotive (NASDAQ: RIVN) stock opened Monday on a somber note and was down 4.4% as of noon today.

Multiple analysts have slashed their price targets on the electric vehicle (EV) stock in the past few days, and Rivian, which started delivering its flagship R1T pickup trucks only recently, is also recalling nearly 500 trucks for faulty airbags. Yet, these factors aren't mainly why Rivian shares are falling today.

One of the biggest reasons why Rivian shares crashed early last week was a stake sale by one of its early investors, the auto giant Ford (NYSE: F).

Source Fool.com

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