Why Rivian Stock Skidded to a 4% Loss on Thursday
Two developments on Thursday combined to drive Rivian Automotive (NASDAQ: RIVN) to a notable stock market decline.The first piece of news was an analyst's downgrade, and the second was a relatively large-scale recall from a peer electric vehicle (EV) maker. When the smoke cleared from that trading session, Rivian's share price had eroded by more than 4%. By contrast, the benchmark S&P 500 index was down by just 0.2% at the close of trading.Piper Sandler's Alexander Potter was the prognosticator behind the downgrade. Before market open Thursday, he reset his recommendation on the EV maker. He now has a neutral rating on the stock, one peg below the overweight (read: buy) tag he had on it previously. Potter also assertively reduced his Rivian price target to $13 per share from $19 per share. Continue reading
Two developments on Thursday combined to drive Rivian Automotive (NASDAQ: RIVN) to a notable stock market decline.
The first piece of news was an analyst's downgrade, and the second was a relatively large-scale recall from a peer electric vehicle (EV) maker. When the smoke cleared from that trading session, Rivian's share price had eroded by more than 4%. By contrast, the benchmark S&P 500 index was down by just 0.2% at the close of trading.
Piper Sandler's Alexander Potter was the prognosticator behind the downgrade. Before market open Thursday, he reset his recommendation on the EV maker. He now has a neutral rating on the stock, one peg below the overweight (read: buy) tag he had on it previously. Potter also assertively reduced his Rivian price target to $13 per share from $19 per share.
