What's Going On With Rivian Stock?
Portfolio Pulse from Erica Kollmann
Rivian Automotive, Inc. (NASDAQ:RIVN) shares experienced volatility on Wednesday, initially rising due to cooler-than-expected inflation data but later giving up gains. The company recently announced new vehicle connectivity features called Connect+, which will be available this summer. Rivian's revenue growth in FY23 was 167.43%, but the stock has underperformed compared to its peers.
June 12, 2024 | 8:29 pm
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Rivian shares initially rose due to cooler-than-expected inflation data but later gave up gains. The company announced new Connect+ features, which could drive future revenue. However, the stock has underperformed compared to its peers.
The initial rise in Rivian's stock was due to positive macroeconomic news (cooler inflation data), but the gains were not sustained. The announcement of new Connect+ features could positively impact future revenue, but the stock's underperformance relative to peers and high short interest may temper short-term gains.
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