Why Rivian Stock Dropped Today
Shares of electric truck start-up Rivian (NASDAQ: RIVN) succumbed to a sell-off Tuesday morning, giving back about half of their gains from yesterday and falling back 4.2% as of 11:40 a.m. ET.
Rivian stock appears to be suffering some unintended consequences from online joshing this morning. In an interview on Yahoo! Finance Live, editor Brian Sozzi joked that he's only seen Rivian vehicles in YouTube videos so far, and "that's about it." Sozzi also said that it's unlikely anyone will see any Rivian trucks "anytime soon" because the company "will not be able to meet their delivery targets" in 2021.
The Yahoo! editor expressed skepticism -- and indeed, amazement -- at Rivian's $95 billion market cap despite the company's deep losses and negative forecast for deliveries, ascribing the stock's strong performance earlier this year to mere "optimism."
Source Fool.com
