Rivian (RIVN) stock has placed its shareholders on a rollercoaster ride this week. The electric vehicle (EV) producer known for its pickup trucks sur
Rivian stock sells off 9% after company initiates $1.5 billion convertible bond sale. If total debt offering eventually gets converted into common stock, existing shareholders may face 7.7% dilution or more. Rivian produced more than 16,000 EVs in Q3, beating consensus on deliveries. Rivian will offer an additional $225 million in bonds to initial purchasers if demand is there. ged 9.2% on Wednesday only to plunge another 9% in the post-market session when it announced a $1.
stock nearly all the way to $20, so there is no good reason that won’t happen again. Just below there the $19.50 price level support Rivian stock during its late August doldrums. If $19.50 fails to hold, Rivian could jet all the way back to the $15 range. The area from $15.28 to $15.84 worked as support back in January before flipping into an area of resistance during the March through June period.
stock close to neutral. Dip buyers will likely wait until the convertible bond news tips Rivian stock into an oversold reading on the RSI, which could take a few more sessions of pain. daily chart
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