- The stock price of Rivian Automotive Inc (NASDAQ: RIVN) is trending today. This is why.
The stock price of Rivian Automotive Inc (NASDAQ: RIVN) is trending today as the stock price fell by over 15% during intraday trading today. Investors are responding negatively to Ford Motor Company (NYSE: F) selling off 8 million shares in Rivian as the IPO lockup period ended on Sunday.
Ford owned 102 million shares of Rivian and the sale of the 8 million shares will be conducted through Goldman Sachs, according to CNBC. CNBC’s David Faber said that the sale was done and the shares are already being distributed.
Plus JPMorgan Chase is also planning to sell a Rivian share block of somewhere between 13 million and 15 million to an unknown seller, according to Faber sources. Both blocks of stocks are priced at $26.90 a share.
In March, Rivian said it is expecting to build 25,000 electric trucks and SUVs this year. And Rivian will be reporting its first-quarter results after the market closes on Wednesday.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.