Why Rivian Sank to an All-Time Low Before Recovering This Week
Rivian Automotive (NASDAQ: RIVN) stock was like a pickup truck on a mountain road this week; it plunged down steeply before picking up a bit of altitude as the days went by. Although the shares were still in the red at nearly 16% week-to-date, according to data compiled by S&P Global Market Intelligence, that decline could have been significantly worse.
Rivian's descent began even before the trading week began. On Saturday, a CNBC report divulged that incumbent car maker Ford Motor (NYSE: F) was to sell 8 million shares of the electric vehicle (EV) specialist's stock.
Image source: Rivian Automotive.
Source Fool.com