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Rivian (RIVN) Stock is Testing Recent Lows

10/25/2023

Six weeks ago Rivian Investors were celebrating a recent high stock price of $27.64, catapulting from recent closes at $13.45 from a five weeks earlier.

6-Month RIVN Chart

1 Year RIVN Chart

This chart shows how Rivian came off some support levels at $28 in late 2022, and went down to a low of $12.00 in May 2023. After some good news in July 2023, the stock looked like it was going to recover and possibly return above the $30 level, but that did not happen. Without any significant changes in their business (other than exceeding expectations and prediction), the stock is looking like it will test recent lows once again.

2-Year Chart - RIVN

The Rivian IPO priced 153 million shares at $78 a share Nov. 9, 2021. The RIVN IPO raised $11.9 billion, giving Rivian an initial valuation of roughly $77 billion. Rivian stock soared to 179.47 on Nov. 16, 2021, but then sold off sharply over the following weeks and months reaching a low of $12.00 in late 2022.

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