The electric vehicle startup’s shares have tanked nearly 80% so far this year.
The electric vehicle startup’s shares have tanked nearly 80% so far this year. The stock was especially hard-hit after CNBC reported over the weekend that one of Rivian’s two biggest corporate investors, Ford, would sell 8 million of its 102 million shares in the electric vehicle maker. Sources also told CNBC that JPMorgan plans to sell between 13 million and 15 million shares of Rivian on behalf of an unnamed investor who is looking to offload shares. The weaker-than-expected forecast spooked investors, with Rivian predicting it would produce just 25,000 electric pickups and SUVs this year. Contra:Analysts at CFRA maintained a “hold” rating on Rivian stock Monday, despite the recent struggles.
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