Rivian Automotive (NASDAQ: RIVN) stock is parked in a lot fewer portfolios today. Shares of the electric vehicle (EV) upstart plunged on Tuesday morning, extending the decline they endured yesterday.

While EV investors who clicked the sell button had their reasons, those who still count Rivian stock among their holdings -- or those interested in buying the stock -- are wondering what to do next. Let's take a look to see what investors' next move should be with regard to Rivian stock.

Although it shook the resolve of some investors, an analyst's price cut yesterday shouldn't be interpreted as the final word on Rivian stock. Oftentimes, analysts have shorter investing horizons than the multiyear holding periods of long-term investors, so the $16 price target that analyst Dan Levy assigned should be taken with a grain of salt. In fact, there's nothing that the company has reported in the past couple of days that should change the conviction of those who had been bullish on Rivian stock before Levy shared his price target.

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Source Fool.com