What's Going On With Rivian Stock?

Rivian Automotive Inc RIVN shares are trading lower by 1.5% to $8.50 during Monday’s session. The EV sector may be trading lower in sympathy with Tesla Inc after the company reduced vehicle prices in the United States, Germany and China.

Rivian, facing a slowdown in the industry, last week reportedly reduced its workforce by 1%. This latest cut, following a previous one in February, is expected to affect support and back-office staff, contrasting with the earlier impact on product teams and commercial EV projects.

The EV sector may also be lower after Tesla last week laid off around 10% of its workforce.

See Also: Tesla’s Horror Week Ends With Another Price Cut, Rivian’s Second Round Of Layoffs

Is RIVN A Good Stock To Buy?

Wall Street analysts view Rivian Automotive on the whole as a Neutral, given the history of coverage over the past three months. Joseph Spak from UBS in Rivian Automotive is the most bearish, expecting a 66.67% fall in the stock in the coming year.

But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past 3 months, Rivian Automotive fell 47.63%, which indicates that opinion soured on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which rose 98.34% over the past year.

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RIVN has a 52-week high of $28.06 and a 52-week low of $8.26.