Rivian Automotive: Announced A Much Worse Than Expected Quarterly Earnings

Today’s instrument is the Rivian Automotive Inc. stock traded in the Nasdaq exchange under the ticker RIVN. 

When we look at the RIVN ‘s chart, we can see the sharp downward trend of the stock which was a result of a mix of factors such as inflation, production cut forecast, cancelation of orders due to sudden increase of their sale price, etc., which led the stock’s price to be traded well below its IPO price of $78.

Currently, it is trading at around $41.20 whereas its all-time low price was recorded yesterday at around $39.77. Last night, after the market had closed, RIVN had announced a much worse than expected quarterly earnings, and therefore today we could expect a decline of another 10-20% of the price leading to a new all-time low.

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