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We recently compiled a list of the 10 Firms Mirror Dow Jones Decline on Monday. In this article, we are going to take a look at where Rivian Automotive Inc. (NASDAQ:RIVN) stands against the other stocks.
Ten companies kicked off this week's trading mirroring a decline on Dow Jones with a series of catalysts dampening investor sentiment. In this article, let’s explore the reasons behind their decline.
To come up with Monday's top losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A state-of-the-art electric vehicle charging at a station at a suburban mall.
Rivian Automotive Inc. (NASDAQ:RIVN)
Rivian Automotive’s shares dropped by 4.7 percent on Monday to finish at $15.72 each as investors pocketed early gains after delivering its biggest single-day percentage on Friday since going public.
The stock surged by an impressive 24 percent in the previous trading day buoyed by stellar fourth-quarter delivery numbers.
According to the company, it produced 12,727 vehicles at its plant in Normal, Illinois in the fourth quarter of the year and a total of 49,476 units for the full year. Deliveries were even better at 14,183 for the fourth quarter alone and 51,579 units for the full year 2024.
Meanwhile, Wall Street analysts earlier expected the company to deliver closer to 13,400 electric vehicles for the period and 51,000 for the entire year.
Overall RIVN ranks 5th on our list of the stocks that crashed today. While we acknowledge the potential of RIVN as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than RIVN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.