Rivian Stock Hits All-Time Low. Could the Growth Stock Continue Selling Off?
Rivian Automotive (NASDAQ: RIVN) hit an all-time intraday low of just $8.26 per share on April 16, following an 8% slide on April 15. Many electric vehicle (EV) stocks sold off heavily in response to news that Tesla (NASDAQ: TSLA) was cutting 10% of its workforce. Rivian followed suit later last week with its second job cut of the year, though it was a much smaller 1% reduction.
With sentiment toward EV stocks declining seemingly every day, investors may be wondering what it will take for the industry to bottom, and if Rivian is a buy now that the growth stock is down over 60% year to date.
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Source Fool.com
Tesla Inc Stock
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