equitieswatch
Friday, December 8, 2023
About us
Advertise
  • Home
  • Stock Market
  • Finance
  • Cryptocurrency
  • Commodities
No Result
View All Result
Equitieswatch.com
No Result
View All Result

Ford and another unnamed investor reportedly plan to dump up to 23 million Rivian shares

by equitieswatch
May 8, 2022
in Finance

Ford Motor (NYSE:F) reportedly plans to dump 8M of its 102M-share stake in Rivian Automotive (NASDAQ:RIVN) once the struggling EV maker’s post-IPO lockup period expires Sunday.

CNBC quoted unnamed sources Saturday as saying that the automaker intends to sell the stock through Goldman Sachs at a time when RIVN’s share price has tanked since the firm staged a hot initial public offering last November.

Rivian went public on Nov. 10 at $78 a share – valuing the firm at some $66.5M – and shot up to as high as $179.47 intraday just a few sessions later.

However, the stock has run out of juice since then, closing Friday at $28.79 – down 6.3% for the session and 84% from its Nov. 16 post-IPO peak. Friday’s finish represented RIVN’s lowest close since the firm went public.

Meanwhile, CNBC cited unnamed sources as saying that another unnamed investor has hired JPMorgan Chase to sell 13M to 15M of that party’s RIVN shares once the lockup period ends.

The network said both sales will likely carry a $26.90-a-share asking price, or 6.6% below where Rivian (RIVN) closed on Friday.

Seeking Alpha contributor On the Pulse currently rates RIVN as a “Hold.” Here’s why.

Source link

YOU MAY ALSO LIKE

The U.S. is hurtling toward a recession. Here’s the best-case scenario for how it could play out—and the worst

Bitcoin Breaches $20,000 for the First Time Since 2020

ShareTweetPin

Search

No Result
View All Result

Recent News

Oil slips further on demand, financial market worries By Reuters

Oil Sinks Further Amid China Concerns, Weakened Economic Prospects By Investing.com

October 25, 2022
Gold Up, Set for Second Weekly Gain as Dollar Falls from 20-Year High By Investing.com

Gold Pressured Near $1,650, Copper Muted on Economic Fears By Investing.com

October 25, 2022
Explainer-What would be the impact of Russian oil sanctions in Europe? By Reuters

Oil prices edge higher as U.S. dollar eases By Reuters

October 25, 2022
Equitieswatch.com

Equitieswatch.com is your Stock Market, Finance, Forex, Cryptocurrency, Business, NFT News Website. We provide you with the latest breaking news and videos straight from the Business industry.

  • Home
  • About us
  • Contact
  • Privacy Policy

© 2022 www.equitieswatch.com

No Result
View All Result
  • Home
  • Stock Market
  • Finance
  • Cryptocurrency
  • Commodities

© 2022 www.equitieswatch.com