Rivian Automotive (NASDAQ: RIVN) went public at the perfect time. Optimism was high as the worst of the COVID-19 pandemic seemed over. The venture capital and initial public offering (IPO) markets were flush with cash. And on Nov. 10, 2021, Rivian had its IPO, shooting up to a staggering intraday high of $179.47 per share on Nov. 16, 2020. Shortly after, the S&P 500 hit an all-time high in early January 2022.

Rivian's spike proved to be short-lived. At the time of this writing, the stock is down around 90% from that all-time high. If you based Rivian's success on its stock chart alone, it looks like a major disappointment. But Rivian is a perfect example of why separating a company from its stock price is important.

Rivian's success as a company is masked by its meme-stock past. Here's why the company is doing well and why this growth stock is worth buying in December.

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Source Fool.com