Rivian Automotive Stock: Bear vs. Bull

·4 min read
Rivian Automotive Stock: Bear vs. Bull

Rivian Automotive (NASDAQ: RIVN) has been a polarizing stock ever since its IPO last November. The electric vehicle (EV) maker initially attracted a stampede of bulls because it was backed by Amazon (NASDAQ: AMZN) and Ford Motor Company (NYSE: F), but the bears mauled the stock after it hit nosebleed valuations and the company abruptly reduced its production targets. As a result, Rivian's stock price initially jumped from its IPO price of $78 to $106.75 on its very first trade, soared to its all-time high of $172.01 a week later, and subsequently plummeted to its all-time low of $19.25 in May. Today, the stock trades in the high $30s again but remains extremely volatile.