What In The World Is Going On With Rivian Stock?
Portfolio Pulse from Henry Khederian
Rivian Automotive Inc (NASDAQ:RIVN) shares have fallen by 9.7% amid a general weakness in EV stocks and a rise in Treasury yields. The company's stock has fallen roughly 24% in October after it priced its $1.5 billion green convertible senior notes offerings. The increased debt load from the issuance of these notes has raised concerns among investors about the company's ability to service its debt and its creditworthiness. The notes offered by Rivian have an annual interest rate of 3.625% and will mature on October 15, 2030.
October 18, 2023 | 6:56 pm
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Rivian's stock has fallen due to concerns over its increased debt load from its $1.5 billion green convertible senior notes offerings. This could potentially impact the company's ability to service its debt and its creditworthiness.
The issuance of convertible senior notes has added to Rivian's debt obligations, which has raised concerns among investors. This, coupled with a general weakness in EV stocks and a rise in Treasury yields, has led to a fall in Rivian's stock.
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