Rivian’s stocks slid 2.2% premarket Monday after Wedbush cut its price target by 22% to reflect loss of confidence in management
Rivian Automotive Inc.’s missteps last week when it followed strong production and delivery numbers with news of a dilutive $1.5 billion convertible debt offering was “another gut punch to investors,” according to Wedbush analyst Dan Ives.
Wedbush is bullish on the electric vehicle company’s growth prospects and believes it will emerge as a long-term winner in the space, but its confidence in the Rivian story has taken a hit, Ives said. Rivian’s stock was down 2.2% premarket after gaining on Friday, following a record selloff a day earlier in the wake of the pricing of the bond deal.
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