Rivian Stock Hits Record Low After Ford Announcement

RIVN has shed more than 85% since its Nov. 16 all-time high

Digital Content Manager
May 9, 2022 at 10:02 AM
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Rivian Automotive Inc (NASDAQ:RIVN) is reeling, last seen down 14.5% to trade at $24.62, after Ford (F) announced it will sell 8 million shares of the electric vehicle (EV) maker before the insider lockup period expires on Sunday. Ford, which is currently the fourth largest holder of RIVN with 102 million shares, will sell the stock at $26.90 per share, which is a 6.5% discount to the equity's last close. 

The Wall Street newbie is now trading well below its initial public offering price of $78, earlier sinking to an all-time low of $24.33. Plus, RIVN has shed more than 85% since its Nov. 16, record high of $179.46, and is today pacing for a third-straight daily loss, as the 20-day moving average continues to pressure the shares.

The brokerage bunch has yet to chime in, but is mostly optimistic towards RVN. In fact, eight of the 12 analysts in question call the equity a "buy" or better, while the 12-month consensus target price of $79.43 is a whopping 220.8% premium to the stock's current levels.

Meanwhile, short sellers have been piling on RIVN. Short interest is up 15.5% in the last two reporting periods, and the 51.71 million shares sold short now account for 8% of the stock's available float. 

Today's options activity are bursting with activity. So far, 14,000 calls and 65,000 puts have crossed the tape, or 13 times the volume that is typically seen at this point. Most popular by far is the weekly 5/13 25-strike put, where new positions are being opened.  

 

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