Where Will Rivian Stock Be in 5 Years?
Down by 89% from its initial public offering price of $78 in November 2021, Rivian Automotive's (NASDAQ: RIVN) stock performance has been catastrophic for its early investors. While the electric vehicle (EV) maker has quickly built a leading brand with its trucks and SUVs, market weakness has soured investor interest in this once-exciting industry.
Will Rivian's future be brighter than its past? Let's dig deeper to find out.
Rivian's stock has faced multiple challenges during its short history on the public markets. The first was overvaluation. In late 2021 the company's market cap of over $100 billion put it ahead of major automakers like General Motors and Ford Motor Company despite having little production volume or revenue. Unsurprisingly, that absurd situation wasn't going to last forever.
Source Fool.com
