Is Rivian Automotive Stock a Buy Now?
This out-of-favor EV maker could be a good contrarian investment.
Rivian Automotive (NASDAQ: RIVN) was one of the market's hottest stocks just over four years ago. The electric vehicle (EV) maker went public at $78 per share on Nov. 10, 2021, and its stock more than doubled to a record closing price of $172.01 a week later.
At the time, investors were impressed by Rivian's ambitious production goals and its support from Amazon and Ford Motor Company. But over the subsequent years, it missed its own production targets and racked up steep losses.
Ford also sold most of its shares of Rivian and axed its plans to co-develop an electric pickup, while rising interest rates popped its bubbly valuations. Today, its stock trades at about $12. So should investors buy Rivian's stock as a turnaround play today?
