Why Rivian Plunged Today
Shares of electric truck maker Rivian (NASDAQ: RIVN) were plunging in Wednesday trading, falling as much as 9.9% before settling into a 7.7% decline as of 1:24 p.m. ET.
What was strange about this decline was that Rivian reported relatively better-than-expected results last night and also gave better-than-expected guidance for 2023 production. And today, several Wall Street analysts were increasing their price targets on the stock.
However, Rivian is still inking fairly sizable losses on its bottom line, and the stock had already risen some 50% this year prior to last night's earnings. With Fitch's downgrade of U.S. debt last week and investors perhaps nervous about tomorrow's inflation report, the stock nevertheless sold off.
Source Fool.com
