Why Rivian Stock Is Racing Lower Today
Beginning the new month on an inauspicious note, shares of Rivian (NASDAQ: RIVN) are stuck in reverse today. After rising yesterday, the electric pickup manufacturer's stock is facing pressure from an analyst's downgrade and news that Ford (NYSE: F) is seeing higher demand for its electric pickup.
As of 12:10 p.m. ET on Tuesday, shares of Rivian are down 3.3%, paring back their earlier loss of 4.7%.
Feeling less bullish about Rivian's prospects, Andres Sheppard, an analyst at Cantor Fitzgerald, downgraded the stock to neutral from overweight. In addition to the stock's valuation, Sheppard based the stock's lower rating in part on growing competition from (NASDAQ: TSLA) and its Cybertruck, which, according to Sheppard, has over 1.2 million reservations.
Source Fool.com
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