Rivian dazzles in IPO debut but other electric vehicle stocks are in reverse
$Rivian Automotive(RIVN.US$ is down about 6% from where it started trading earlier today, but is still about 28% higher than the IPO pricing level.
Shares of Rivian have ranged from $95.20 to $119.44 on high volume and the stock had a market cap of over $100B for a brief time before settling back. Rivian was still in triple digits at $100.01 at last check.
Is Rivian stealing some attention away from other EV stocks with its market cap well over $80B? The general direction of the market is lower today with the $Nasdaq Composite Index(.IXIC.US$ down 2%, but there are some notable declines for EV names like $Lucid Group(LCID.US$ , $GreenPower Motor(GP.US$ , $AYRO Inc(AYRO.US$ , $Electrameccanica Vehicles(SOLO.US$ , $Fisker(FSR.US$ , $QuantumScape(QS.US$ , $Nikola(NKLA.US$ and $Electric Last Mile Solutions(ELMS.US$ .
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Aaron_Kelly : Wait for $5 to buy in
Harper lee : Musk sells $1.1B in Tesla stock. Cashing out at the top.
Rivian will leap frog Tesla.
Johnny Thunders : What a joke. We need a reset on some of these valuations.
Apollod Wed Johnny Thunders: The way to reset is to get everyone back in the office. No more WFH and day trading during business hours.
ajkZbCYC8Q : I love the word "dazzles" when in only applies to venture capitalists who can secure IPO pricing. "Dazzles" from a start of $106.75 down $100.75
tk0TEeeFdX : Stay away!
NCDEH6DMn7 : Crytpo and EV stocks make dotcom stocks look cheap. Anyone indexing should be very careful.
A1EIIWLU1C : Wonder where Clark thinks all the money to buy RIVN at $100 a share came from? Surely not from money markets methinks....I'm sure a lot of folks cashed in TSLA, F, LCID et al over the last couple days to be able to buy RIVN.
oXrssHBsXw A1EIIWLU1C: It is probably fair to assume that some Tesla investors sold shares and bought Rivian, hoping to catch another rocket to the moon or whatever. Possibly even Musk. And it is also entirely possible, maybe probable, that some Ford investors also jumped ship at Ford's and climbed aboard at Rivian's.
The markets in general were down for the day on higher than expected inflation figures. Rivian's stunning rise was clearly a crowd-funded stampede to "surf the wave", and running contrary to the rest of the concerned market.
It may take a few more days of excited trading for the dust to settle with regards to Rivian's shares relative to the market tides.