Why Rivian Hit an All-Time Low Today
Rivian Automotive (NASDAQ: RIVN) went public with a famously successful initial public offering (IPO) on Nov. 10, 2021, at a price of $78 per share. The company banked nearly $12 billion from the IPO, and the stock price took off from there, reaching well over $100 per share.
But Rivian shares have been tanking recently, including dropping as much as another 6% today, reaching an all-time low price of $18.55. That's a drop of more than 76% from its IPO price.
Shares bounced off those lows but remained down by 3.8% as of 11:10 a.m. ET. For the week, the stock was down nearly 14% as of that time. There are some good reasons for that.
Source Fool.com
