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