What's Going On With Rivian Stock?
Portfolio Pulse from Henry Khederian
Rivian Automotive Inc's shares have dropped by 12.7% over the past five sessions, influenced by Tesla's disappointing Q3 results and the rise in Treasury yields. The company's recent issuance of $1.5 billion in green convertible senior notes has raised concerns among investors due to the increased debt load. The notes offer a 3.625% annual interest rate, with semi-annual payments from 2024 and maturing in 2030. The proceeds will be used for environmentally friendly projects.
October 23, 2023 | 2:22 pm
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Rivian's stock has dropped due to Tesla's disappointing Q3 results and rising Treasury yields. The issuance of $1.5 billion in green convertible senior notes has raised investor concerns over increased debt.
Rivian's stock has been negatively impacted by the overall weakness in the EV industry, particularly Tesla's disappointing Q3 results. The rise in Treasury yields has also affected growth stocks like Rivian. The company's recent issuance of $1.5 billion in green convertible senior notes has increased its debt load, raising concerns among investors about its ability to fulfill financial obligations, potentially affecting its creditworthiness and profitability.
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