RIVN - Why Rivian and Other EV Stocks Dropped Last Month
2023-04-08 12:09:21 ET
Several electric vehicle (EV) start-up stocks dropped enough in March to approach or hit all-time lows. That included Rivian Automotive (NASDAQ: RIVN) , luxury electric sedan maker Lucid Group (NASDAQ: LCID) , and electric utility- and lifestyle-van maker Canoo (NASDAQ: GOEV) . But the monthly share price change is also heavily weighted from the first day of the month.
For the full month, Rivian, Lucid, and Canoo stocks were down 19.8%, 11.9%, and 12.8%, respectively, according to data provided by S&P Global Market Intelligence . However, the first day of March was significant as investors reacted to Rivian's fourth-quarter earnings report released the prior evening. Taking out the moves on that first day shows that most of Rivian's monthly loss actually occurred on March 1.
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Why Rivian and Other EV Stocks Dropped Last Month