Why Rivian Stock Crashed Today
Many stocks in the technology sector have been sliding over the past several weeks and months. Rivian Automotive (NASDAQ: RIVN) was one that reversed its downtrend after it reported first-quarter results on May 11. Rivian shares are up more than 35% since they bottomed going into that release. But that positive trend is reversing today. As of 11:05 a.m. ET, Rivian shares were down 6.9%.
Investors regained some confidence from the company when it said in that quarterly report that it reaffirmed previously reduced production guidance for 2022. Momentum off the stock's all-time low continued when the CEO added another 1 million shares to his holdings, and the company made progress to solidify plans and incentives with the state of Georgia for a second production facility. But a report from Reuters yesterday highlighting delivery struggles and how current market dynamics could hurt capital-raising initiatives has the stock tanking today.
Source Fool.com
